Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
Before financial institutions were focused on the current expected credit losses (CECL) for calculating the allowance for loan losses, updated lease accounting rules were adopted in 2022. Issued by the Financial Accounting Standards Board (FASB) in 2019, ASC 842 involved a significant shift in reporting lease obligations on financial statements. These updates included:
As financial institutions continue to perform ongoing analysis and calculations, Doeren Mayhew has outlined below common lease accounting pitfalls to be on the lookout for before your next financial statement audit.
Staying proactive is key to helping avoid issues that can arise from your next financial statement audit or regulatory exam. Your institution may want to consider partnering with a qualified third party to have a lease accounting review, or any new accounting standard review, performed to stay ahead of any changes and help ease your financial statement preparation. Contact Doeren Mayhew’s Financial Institutions Group today to learn more about how we can help.
By Alexander Brennan, CPA – Senior Audit Associate
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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