{"id":2606,"date":"2020-12-09T13:28:06","date_gmt":"2020-12-09T13:28:06","guid":{"rendered":"https:\/\/gw.brandhouse.marketing\/?p=2606"},"modified":"2024-06-17T19:27:07","modified_gmt":"2024-06-17T19:27:07","slug":"are-you-keeping-up-with-accounting-compliance-and-standards","status":"publish","type":"post","link":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/","title":{"rendered":"Are You Keeping Up With Accounting Compliance And Standards?"},"content":{"rendered":"

ASU 2016-02, Leases (Topic 842)<\/h2>\n

This ASU provides new regulations which affect all organizations that lease assets, such as real estate, vehicles, and equipment. Previous standards differentiate reporting requirements based on whether an agreement is a capital lease or an operating lease. ASU 2016-02<\/a> changes this by requiring all leases with terms of more than 12 months to be reported in terms of assets and liabilities. Here are some additional areas which will be changing:<\/p>\n

1. Measuring and reporting:<\/h3>\n

The method used to measure cash flows and expenses for each lease will depend on whether it\u2019s a finance lease or an operating lease.<\/p>\n

2. Disclosures to stakeholders:<\/h3>\n

In order to help readers of financial statements better understand cash flows related to leases, organizations will be required to disclose more information about details, such as variable lease payments and lease renewal\/termination options.<\/p>\n

3. Combined contracts:<\/h3>\n

If a contract includes both lease and service components, businesses will still be required to separate these components. The difference is that ASU 2016-02 gives more guidance on how to do so.<\/p>\n

 <\/p>\n

Your organization should begin considering these changes when negotiating any new leases and may want to modify existing leases. These regulations may change your priorities, especially if additional lease liabilities will have a strong effect on your balance sheet.<\/p>\n

This is just one example of accounting rules and regulations that can pop up unexpectedly. Early adoption is allowed and advance preparation is advised, but you shouldn\u2019t have to be responsible for researching all these new rules.<\/p>\n

If you haven\u2019t already made changes to your accounting practices based on the latest requirements, you should do so as soon as possible. Accounting firms like GreerWalker<\/a> make it their business to stay up to date on ever-changing accounting laws and regulations. Contact us<\/a> to learn how we can help you navigate complex regulations so you can spend more time focusing on your bottom line.<\/p>\n","protected":false},"excerpt":{"rendered":"

ASU 2016-02, Leases (Topic 842) This ASU provides new regulations which affect all organizations that lease assets, such as real estate, vehicles, and equipment. Previous standards differentiate reporting requirements based on whether an agreement is a capital lease or an operating lease. ASU 2016-02 changes this by requiring all leases with terms of more than […]<\/p>\n","protected":false},"author":2,"featured_media":2607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_opengraph-image":"","_yoast_wpseo_opengraph-image-id":"","_yoast_wpseo_twitter-image":"","_yoast_wpseo_twitter-image-id":"","_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[14,13,11],"tags":[102,103],"class_list":["post-2606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","category-business","category-insight-article","tag-accounting-compliance-and-standards","tag-accounting-compliance-update"],"acf":[],"yoast_head":"\nKeeping Up With Accounting Compliance And Standards | GreerWalker<\/title>\n<meta name=\"description\" content=\"Find the example of accounting standards, rules and regulations that can pop up unexpectedly. Make sure your organization is up-to-date with..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Keeping Up With Accounting Compliance And Standards | GreerWalker\" \/>\n<meta property=\"og:description\" content=\"Find the example of accounting standards, rules and regulations that can pop up unexpectedly. Make sure your organization is up-to-date with..\" \/>\n<meta property=\"og:url\" content=\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/\" \/>\n<meta property=\"og:site_name\" content=\"GreerWalker CPAs & Business Advisors\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/GreerWalkerLLP\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-09T13:28:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-17T19:27:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/greerwalker.com\/wp-content\/uploads\/2021\/12\/Untitled-design-46.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"520\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"RSM US LLPP\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"RSM US LLPP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":[\"Article\",\"BlogPosting\"],\"@id\":\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/\"},\"author\":{\"name\":\"RSM US LLPP\",\"@id\":\"https:\/\/greerwalker.com\/#\/schema\/person\/2272dc7097a670bdb65ab22439a34914\"},\"headline\":\"Are You Keeping Up With Accounting Compliance And Standards?\",\"datePublished\":\"2020-12-09T13:28:06+00:00\",\"dateModified\":\"2024-06-17T19:27:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/\"},\"wordCount\":326,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/greerwalker.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/greerwalker.com\/wp-content\/uploads\/2021\/12\/Untitled-design-46.jpg\",\"keywords\":[\"Accounting Compliance And Standards\",\"accounting compliance update\"],\"articleSection\":[\"Accounting\",\"Business\",\"Insight article\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/\",\"url\":\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/\",\"name\":\"Keeping Up With Accounting Compliance And Standards | GreerWalker\",\"isPartOf\":{\"@id\":\"https:\/\/greerwalker.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/greerwalker.com\/wp-content\/uploads\/2021\/12\/Untitled-design-46.jpg\",\"datePublished\":\"2020-12-09T13:28:06+00:00\",\"dateModified\":\"2024-06-17T19:27:07+00:00\",\"description\":\"Find the example of accounting standards, rules and regulations that can pop up unexpectedly. Make sure your organization is up-to-date with..\",\"breadcrumb\":{\"@id\":\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#primaryimage\",\"url\":\"https:\/\/greerwalker.com\/wp-content\/uploads\/2021\/12\/Untitled-design-46.jpg\",\"contentUrl\":\"https:\/\/greerwalker.com\/wp-content\/uploads\/2021\/12\/Untitled-design-46.jpg\",\"width\":1440,\"height\":520,\"caption\":\"Accounting Compliance and Standards 2022\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/greerwalker.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Are You Keeping Up With Accounting Compliance And Standards?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/greerwalker.com\/#website\",\"url\":\"https:\/\/greerwalker.com\/\",\"name\":\"GreerWalker CPAs and Business Advisors\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/greerwalker.com\/#organization\"},\"alternateName\":\"GreerWalker\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/greerwalker.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/greerwalker.com\/#organization\",\"name\":\"GreerWalker CPAs and Business Advisors\",\"alternateName\":\"GreerWalker\",\"url\":\"https:\/\/greerwalker.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/greerwalker.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/greerwalker.com\/wp-content\/uploads\/2022\/04\/GW-CPAA_RGB.png\",\"contentUrl\":\"https:\/\/greerwalker.com\/wp-content\/uploads\/2022\/04\/GW-CPAA_RGB.png\",\"width\":180,\"height\":86,\"caption\":\"GreerWalker CPAs and Business Advisors\"},\"image\":{\"@id\":\"https:\/\/greerwalker.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/GreerWalkerLLP\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/greerwalker.com\/#\/schema\/person\/2272dc7097a670bdb65ab22439a34914\",\"name\":\"RSM US LLPP\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/greerwalker.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/13952b21678c36399d0cacb55cf26b8e573cf1b55ca66ec94ac4064cdaf7bbcd?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/13952b21678c36399d0cacb55cf26b8e573cf1b55ca66ec94ac4064cdaf7bbcd?s=96&d=mm&r=g\",\"caption\":\"RSM US LLPP\"},\"description\":\"GreerWalker is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries. Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources. For more information on how GreerWalker can assist you, please call (704) 377-0239.\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Keeping Up With Accounting Compliance And Standards | GreerWalker","description":"Find the example of accounting standards, rules and regulations that can pop up unexpectedly. Make sure your organization is up-to-date with..","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/","og_locale":"en_US","og_type":"article","og_title":"Keeping Up With Accounting Compliance And Standards | GreerWalker","og_description":"Find the example of accounting standards, rules and regulations that can pop up unexpectedly. Make sure your organization is up-to-date with..","og_url":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/","og_site_name":"GreerWalker CPAs & Business Advisors","article_publisher":"https:\/\/www.facebook.com\/GreerWalkerLLP\/","article_published_time":"2020-12-09T13:28:06+00:00","article_modified_time":"2024-06-17T19:27:07+00:00","og_image":[{"width":1440,"height":520,"url":"https:\/\/greerwalker.com\/wp-content\/uploads\/2021\/12\/Untitled-design-46.jpg","type":"image\/jpeg"}],"author":"RSM US LLPP","twitter_card":"summary_large_image","twitter_misc":{"Written by":"RSM US LLPP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":["Article","BlogPosting"],"@id":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#article","isPartOf":{"@id":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/"},"author":{"name":"RSM US LLPP","@id":"https:\/\/greerwalker.com\/#\/schema\/person\/2272dc7097a670bdb65ab22439a34914"},"headline":"Are You Keeping Up With Accounting Compliance And Standards?","datePublished":"2020-12-09T13:28:06+00:00","dateModified":"2024-06-17T19:27:07+00:00","mainEntityOfPage":{"@id":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/"},"wordCount":326,"commentCount":0,"publisher":{"@id":"https:\/\/greerwalker.com\/#organization"},"image":{"@id":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#primaryimage"},"thumbnailUrl":"https:\/\/greerwalker.com\/wp-content\/uploads\/2021\/12\/Untitled-design-46.jpg","keywords":["Accounting Compliance And Standards","accounting compliance update"],"articleSection":["Accounting","Business","Insight article"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/","url":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/","name":"Keeping Up With Accounting Compliance And Standards | GreerWalker","isPartOf":{"@id":"https:\/\/greerwalker.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#primaryimage"},"image":{"@id":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#primaryimage"},"thumbnailUrl":"https:\/\/greerwalker.com\/wp-content\/uploads\/2021\/12\/Untitled-design-46.jpg","datePublished":"2020-12-09T13:28:06+00:00","dateModified":"2024-06-17T19:27:07+00:00","description":"Find the example of accounting standards, rules and regulations that can pop up unexpectedly. Make sure your organization is up-to-date with..","breadcrumb":{"@id":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#primaryimage","url":"https:\/\/greerwalker.com\/wp-content\/uploads\/2021\/12\/Untitled-design-46.jpg","contentUrl":"https:\/\/greerwalker.com\/wp-content\/uploads\/2021\/12\/Untitled-design-46.jpg","width":1440,"height":520,"caption":"Accounting Compliance and Standards 2022"},{"@type":"BreadcrumbList","@id":"https:\/\/greerwalker.com\/are-you-keeping-up-with-accounting-compliance-and-standards\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/greerwalker.com\/"},{"@type":"ListItem","position":2,"name":"Are You Keeping Up With Accounting Compliance And Standards?"}]},{"@type":"WebSite","@id":"https:\/\/greerwalker.com\/#website","url":"https:\/\/greerwalker.com\/","name":"GreerWalker CPAs and Business Advisors","description":"","publisher":{"@id":"https:\/\/greerwalker.com\/#organization"},"alternateName":"GreerWalker","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/greerwalker.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/greerwalker.com\/#organization","name":"GreerWalker CPAs and Business Advisors","alternateName":"GreerWalker","url":"https:\/\/greerwalker.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/greerwalker.com\/#\/schema\/logo\/image\/","url":"https:\/\/greerwalker.com\/wp-content\/uploads\/2022\/04\/GW-CPAA_RGB.png","contentUrl":"https:\/\/greerwalker.com\/wp-content\/uploads\/2022\/04\/GW-CPAA_RGB.png","width":180,"height":86,"caption":"GreerWalker CPAs and Business Advisors"},"image":{"@id":"https:\/\/greerwalker.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/GreerWalkerLLP\/"]},{"@type":"Person","@id":"https:\/\/greerwalker.com\/#\/schema\/person\/2272dc7097a670bdb65ab22439a34914","name":"RSM US LLPP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/greerwalker.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/13952b21678c36399d0cacb55cf26b8e573cf1b55ca66ec94ac4064cdaf7bbcd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/13952b21678c36399d0cacb55cf26b8e573cf1b55ca66ec94ac4064cdaf7bbcd?s=96&d=mm&r=g","caption":"RSM US LLPP"},"description":"GreerWalker is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries. Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources. For more information on how GreerWalker can assist you, please call (704) 377-0239."}]}},"_links":{"self":[{"href":"https:\/\/greerwalker.com\/wp-json\/wp\/v2\/posts\/2606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/greerwalker.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/greerwalker.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/greerwalker.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/greerwalker.com\/wp-json\/wp\/v2\/comments?post=2606"}],"version-history":[{"count":9,"href":"https:\/\/greerwalker.com\/wp-json\/wp\/v2\/posts\/2606\/revisions"}],"predecessor-version":[{"id":6865,"href":"https:\/\/greerwalker.com\/wp-json\/wp\/v2\/posts\/2606\/revisions\/6865"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greerwalker.com\/wp-json\/wp\/v2\/media\/2607"}],"wp:attachment":[{"href":"https:\/\/greerwalker.com\/wp-json\/wp\/v2\/media?parent=2606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greerwalker.com\/wp-json\/wp\/v2\/categories?post=2606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greerwalker.com\/wp-json\/wp\/v2\/tags?post=2606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}