The Financial Accounting Standards Board (FASB) frequently offers new recommended standards to the industry. The organization dictates a lot of what commercial real estate professionals have to do on a daily basis. Not knowing about these updates or rules can bring you out of compliance and negatively affect your portfolio health (and bottom line). Also, staying informed can give you an edge over your competition.
Here is a series of the latest FASB-related articles, what each means for the CRE industry and how the right commercial real estate software can help you address them.
Latest FASB, ASC 842 and IFRS 16 News
FASB proposal would amend interim disclosure requirements
The rules for interim disclosures in financial statements would change and be clarified under a proposal issued recently by FASB.
FASB changes contract revenue accounting for post-merger companies
Instead of applying a fair market value calculation to an acquired company’s contract assets and liabilities, acquiring companies are to apply ASC 606 as if they originated the contracts.
FASB issues accounting standard update on private company stock compensation
The US Financial Accounting Standards Board (FASB) on October 25 published an accounting standard update (ASU) on determining the current price of an underlying share for equity-classified share-based awards by private companies.
FASB Flooded with Emails As Bitcoin Community Demands Change
After MicroStrategy (MSTR), the billion-dollar software intelligence company, implored Bitcoiners to urge the Financial Accounting Standards Board (FASB) to change its regulatory policy toward Bitcoin (BTC), a wave of new appeals has been rolling in.
Private Firms Struggle to Meet ASC 842 Lease Accounting Standard Deadline
As many as one-third of private company executives feel unprepared to comply with the lease accounting deadline
Impairment Considerations When Adopting ASC 842
Jeremy Enuson, Steve Hills, and Katelyn Horowitz of Stout examine the treatment of right-of-use (“ROU”) assets recorded in accordance with ASC 842 which must be tested for impairment under ASC 360, Property, Plant, and Equipment.
CRE Software and Addressing Changes
Technology investments to help you navigate these complicated rules and guidelines are always a smart long-term decision. Quarem is more than just a commercial real estate software solution, it’s an easy way to grow your portfolio. Stay aware of market news and changes, monitor interest rate changes, stay ahead of occupancy rates and learn other valuable reporting and analyzation metrics that will aid in your decisions about when and where to invest in commercial real estate.
If you’re interested in seeing how Quarem can help you stay on top of FASB news and insights, request a demo of our CRE software today.