A company is considering whether to adopt a new lease accounting standard. Discuss the potential impact of the new standard on the company's financial statements and the steps the company should take to implement the standard. What are the disclosure requirements under the new standard? How can the company ensure compliance with the standard? I need Solution

A company is considering whether to adopt a new lease accounting standard. Discuss the potential impact of the new standard on the company's financial statements and the steps the company should take to implement the standard. What are the disclosure requirements under the new standard? How can the company ensure compliance with the standard? I need Solution

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 1TP: Review the new revenue recognition guidance issued by the Financial Accounting Standards Board...

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Finance Question
Find a publicly traded company that has assets under capital lease on its balance sheet. Provide a link to the balance sheet in your post, and explain the details of the leasing transactions based on the amounts and disclosures found in the financial statements. What potential benefits do you think the company expected when choosing to lease, rather than buy, these assets? Do not choose a company that has already been reported on by one of your classmates. Participate in follow-up discussion by critiquing the posts provided by your classmates and defending their challenges to your post. All posts should be grammatically correct and proofread for spelling.
Review the new revenue recognition guidance issued by the Financial Accounting Standards Board http://www.fasb.org/jsp/FASB/Page/ImageBridgePagecid=1176169257359 and answer the following questions. What is the new standard as of ASC 606? What does that mean to you? What are the recommended steps companies should follow to achieve the core principle? How does this change current GAAP standards? Who is required to adhere to this new standard?
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The IASB and FASB are collaborating on a joint project to revise accounting standards for leases. Briefly describe the direction the project is taking.
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Identify and discuss some of the key challenges and potential benefits key stakeholders will be presented with following the implementation of IFRS 16, Leases
To what extent should sustainability consideration influence traditional accounting measurements and disclosure?
Why do corporations want to establish a sustainability report? What types of information should such a report contain?
1. WHAT IS LONG-TERM CONSTRUCTION CONTRACTS? ELABORATE AND GIVE EXAMPLES OF LOCAL CONSTRUCTION CONTRACTS. DISCUSS THE ACCOUNTING STANDARDS GOVERNING IT. 2. WHAT ARE THE CONSIDERATIONS TO RECOGNIZE ONE AS ADDITIONAL CONTRACT REVENUE? GIVE SOME EXAMPLES OF ADDITIONAL CONTRACT REVENUES. 3. WHAT ARE THE VARIETY OF MEANS A STAGE OF COMPLETION CAN BE ESTIMATED? 4. HOW SHALL THE CONTRACTOR PRESENT IN ITS STATEMENT OF FINANCIAL STATEMENTS THE ACCOUNTS RELATED TO CONSTRUCTION CONTRACT? 5. WHEN THE COMPANY DECIDES TO CHANGE ITS ACCOUNTING FOR CONSTRUCTION CONTRACTS FROM PERCENTAGE OF COMPLETION TO COST RECOVERY METHOD. HOW SHALL THE ACCOUNTING CHANGE BE TREATED?
What are the steps that would be needed for a company to transition from GAAP to IFRS?