LeaseAccelerator study identifies disclosure challenges of ASC 842

Lease accounting software provider LeaseAccelerator has published a new report looking at the key challenge faced by US companies as they implement ASC 842. It has analysed comment letters received by the Securities and Exchange Commission in 2019 to identify common issues as the new standard was adopted. Many companies had to organise and migrate hundreds or even thousands of leases onto new accounting software with new controls, processes and procedures. Many of the SEC comments were requests for additional details on a company’s analysis, assumptions, judgments and supporting documentation.

LeaseAccelerator study identifies disclosure challenges of ASC 842

Jan 24, 2020

Lease accounting software provider LeaseAccelerator has published a new report looking at the key challenge faced by US companies as they implement ASC 842. It has analysed comment letters received by the Securities and Exchange Commission in 2019 to identify common issues as the new standard was adopted. Many companies had to organise and migrate hundreds or even thousands of leases onto new accounting software with new controls, processes and procedures. Many of the SEC comments were requests for additional details on a company’s analysis, assumptions, judgments and supporting documentation.

New textbook on lease accounting provides global insight

A new textbook on lease accounting by industry authority Shawn Halladay, managing director of the professional development practice at The Alta Group, offers guidance to both US and international lessors and lessees. The book, called Accounting for Leases: Embracing the New Paradigm, covers many of the common elements between ASC 842, the new US lease accounting standard, and IFRS 16, the new lease accounting standard for countries outside the US.

New textbook on lease accounting provides global insight

Jan 24, 2020

A new textbook on lease accounting by industry authority Shawn Halladay, managing director of the professional development practice at The Alta Group, offers guidance to both US and international lessors and lessees. The book, called Accounting for Leases: Embracing the New Paradigm, covers many of the common elements between ASC 842, the new US lease accounting standard, and IFRS 16, the new lease accounting standard for countries outside the US.

Thousands more UK companies affected by Senior Managers and Certification Regime

The UK’s Senior Managers and Certification Regime (SM&CR) is being extended this week to tens of thousands of companies across the financial sector. Three years after the initial introduction of accountability rules for banks and insurers, from today asset managers, independent financial advisers and hedge fund managers will be subject to significant fines it is established they failed to take reasonable steps to prevent wrongdoing. The SM&CR already applies to UK banks, building societies, credit unions, branches of foreign banks operating in the UK and the largest investment firms regulated by the PRA and the FCA.

Thousands more UK companies affected by Senior Managers and Certification Regime

Dec 09, 2019

The UK’s Senior Managers and Certification Regime (SM&CR) is being extended this week to tens of thousands of companies across the financial sector. Three years after the initial introduction of accountability rules for banks and insurers, from today asset managers, independent financial advisers and hedge fund managers will be subject to significant fines it is established they failed to take reasonable steps to prevent wrongdoing. The SM&CR already applies to UK banks, building societies, credit unions, branches of foreign banks operating in the UK and the largest investment firms regulated by the PRA and the FCA.

Lease accounting

Finance and Leasing Association welcomes “common sense approach” from HMRC as it gives clarity to VAT treatment of PCPs

Mar 01, 2019

An announcement by HM Revenue and Customs providing clarity about the tax treatment of hundreds of thousands of personal contract purchase (PCP) and similar contracts in the UK has been welcomed by the industry. The briefing note follows a European Court of Justice ruling on a legal wrangle between HMRC and Mercedes-Benz Financial Services over its ‘Agility’ product. At the heart of the row was how to interpret at key part of VAT rules on whether PCPs are a supply of goods or services.

BREXIT

Negotiators struggle to build bridges as Brexit looms

Nov 10, 2017

While business leaders in the UK and Europe have stressed the importance of a smooth Brexit transition to protect the economies of both sides, there are signs that negotiators are struggling to find common ground on key issues. As the Brexit deadline of March 28, 2019 approaches, this special report looks in detail at progress from both sides of the negotiating table.

General legal and regulatory

Finance and Leasing Association calls for urgent reform of Consumer Credit Act during 2020

Dec 09, 2019

The UK government that takes office after Friday’s general election must prioritise a complete overhaul of the Consumer Credit Act, party leaders have been told. In one of his first statements since becoming the new director general of the Finance and Leasing Association (FLA), Stephen Haddrill (pictured) warned the current legislation is outdated and failing consumers. The 45-year-old Consumer Credit Act (CCA) underpins every consumer credit transaction in the UK, but the FLA says it requires lenders to send “old fashioned and severely worded” letters to those in financial difficulty, while also delaying how quickly lenders can step in to offer customers more time to make payments.