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Proposed Changes to Lease Accounting under FASB's Exposure Draft: Implications and Preparatory Steps for Lessees

Despite the extensive rules that govern lease accounting, financial
statement users often criticize the “bright-line” rules in
existing standards for differentiating capital leases from operating
leases. The primary criticism stems from the fact that current standards allow companies to structure leases to suit their financial reporting preferences; thus, companies frequently engage in complicated arrangements involving third-party guarantors in order
to avoid reporting lease agreements as capital leases (i.e., to avoid
recognizing the asset and the related liability in their financial statements).

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Essentials
Publisher's Column
Perspectives

Navigating the Maze of Today's Professional Credentials

An overarching goal of financial accounting is to provide useful information to a company’s external stakeholders, including equity investors, potential equity investors, lenders, poten tial lenders, and others. Inventory accounting is particularly important for manufacturing companies.
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The Missing Link in STEM

The Pathways Commission report
released last year provided a blueprint for the future of higher education for the accounting profession. Now, a real opportunity to make inroads on one of the report’s recommendations has appeared in an unlikely place—an 800-page federal immigration bill, sponsored by New York’s own Senator Charles E. Schumer.
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Strengthening Defenses in the Fight against Fraud

Many executives work hard to build a culture of trust in their organizations—that is, one in which leadership can remain confident that policies, procedures, and ethical standards are maintained throughout the enterprise. But fraudsters strive to build trust as well, with the sole purpose of duping colleagues and management in many of those same organizations.
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The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at practitioners, educators, regulators, and other financial professionals. Our goal is to provide the Journal’s readers with insight and analysis on developments in the areas of accounting, auditing, taxation, finance, management, technology, and professional ethics.

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