With the new accounting standards, equipment leases with a duration of more than 12 months must be recognized on the balance sheet. This change in financial reporting has had a huge impact on companies who are not prepared to handle the mammoth task of sifting through the equipment leases and making the necessary transition.(more…)
The new accounting standard has brought with it the need to adopt new technologies as well as modify existing ones. It also raises concerns about the abstraction of additional lease clauses and the need to change business processes. As a result, companies, both private and public, are facing numerous challenges surrounding the new accounting standards. Here are some tips that will facilitate the implementation process.
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Renting a commercial space is an important milestone in your business. However, not many are aware that leases are open to negotiations that can be in the tenant’s favor. Since the rent and operating expenses affect the bottom line, tenants need to be cautious before committing to a lease agreement. Here are some tips to help negotiate a commercial lease.
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When it comes to FASB ASC 842 implementation, public and private companies do not have a choice. While private companies have time until January 2020 to deal with the challenges of implementing the new accounting standards, some public companies are finding the new implementation issues a pain. And don’t forget, any flaw in the transition will create non-compliance financial penalties.(more…)
Pittsburgh – May 16, 2019 – RE BackOffice, leading real estate service provider, is exhibiting at ICSC RECon 2019 in Las Vegas, May 19-22 at the Convention Center. The RECon 2019 event is a four-day global gathering of retail real estate professionals bringing together developers, owners, brokers, retailers and service providers under one roof.
Calculating the financial aspects of leases is a complex task, especially when the building’s operational costs are passed on to the tenant. The scope of overcharging the tenant by the landlord is high leading to monetary losses that might go undetected for several years. A lease audit is a vital tool for identifying overcharges and to prevent them in future. Lease audit analyzes and reports discrepancies in the charges that can help save a tenant thousands of dollars.