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We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet...
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Financial statements audits
Financial statement audits
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Compliance audits
Compliance audits
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Compilations and reviews
Compilations and audit
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Agreed-upon procedures
Agreed-upon procedures
At Kevane Grant Thornton, tax is a key part of our organization and our award-winning teams can offer you a range of solutions, whatever the size of your...
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Business Tax
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Individual taxes
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Estate and succession planning
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Tax incentives program
Tax incentives program
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Transfer Pricing Study
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
As your business grows, our advisory services are designed to help you achieve your goals. Successful growth often means navigating a complex array of...
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Our independent experts are experienced in advising on civil and criminal matters involving contract breaches, partnership disputes, auditor negligence, shareholder disputes and company valuations, disputes for corporates, the public sector and individuals. We act in all forms of dispute resolution, including litigation, arbitration, and mediation.
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Globalization and company growth ambitions are driving an increase in M&A activity worldwide as businesses look to establish a footprint in countries beyond their own. Even within their own regions, many businesses feel the pressure to acquire in order to establish a strategic presence in new markets, such as those being created by rapid technological innovation.
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Valuations
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Our outsourcing services allow you to save time and money in order to concentrate on the competencies and the core business activities.
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Audit Article
Preparing for the new lessor accounting standards
19 Sep 2018The FASB issued a proposed ASU, Leases (Topic 842): Narrow-Scope Improvements for Lessors, to address certain issues raised by lessors when implementing the new leases guidance in ASU 2016-02, Leases (Topic 842). The amendments in the proposed ASU would:
- permit lessors to elect not to evaluate whether certain sales taxes and other similar taxes are costs of either the lessor or the lessee, but instead to account for those amounts as if they were costs of the lessee and to exclude them from lease revenue. Lessors making this accounting policy election would be required to make additional disclosures in the financial statements.
- require lessors to exclude certain lessor costs paid directly by lessees to third parties on behalf of the lessor from variable payments (and from variable lease revenue) if the lessor cannot readily determine the amount of those costs.
- require lessors to allocate (rather than recognize, as currently required) certain variable payments to the lease and nonlease components of a contract when the changes in facts and circumstances that trigger the variable payments occur. As a result, in a contract with lease and nonlease components, lessors would recognize the portion of the variable payments allocated to the lease component under the guidance in ASC 842, and the portion of the variable payments allocated to the nonlease component using the guidance in other Codification topics, such as ASC 606, Revenue from Contracts with Customers.
The effective date and transition requirements for the proposed amendments for entities that have not adopted ASC 842 when the proposed amendments are finalized would be the same as the effective date and transition requirements for ASC 842. The Board will determine the effective date and transition requirements for the proposed amendments for entities that have already adopted ASC 842 before the proposal is finalized after it considers stakeholder feedback on the proposal.
Comments on the proposed ASU were due on September 12.
Source:
Grant Thornton, On the Horizon, August 16, 2018.
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