The major change in the new lease standard (ASC 842) is the treatment of operating leases on the lessee side. The new lease standard (ASC 842) has introduced a new concept of "Right of Use Asset" (ROU asset), which is defined as an asset that represents a lessee's right to use an underlying asset for the lease term and is used for both finance leases and operating leases. We will touch on the theoretical aspects later, but for now, let's look at what it means to on-balance an operating lease using an example. The lease is for 5 years, and…
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The effective date of the new lease standard (ASC 842) is approaching. For calendar year private companies, it is effective at the end of 2022, but it should be applied at the beginning of the fiscal year when you prepare financial statements at the end of the fiscal year. We will be covering the leasing issues for the next several articles. Summary First, the lease is described as a contract that conveys the right to control the use of an identified asset, using the control concept familiar from the new revenue recognition standard. Until now, it has been described as…
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We have launched the following tax resource sites: Newsletter Tax Alerts IRS Forms & Publications Tax Calendar Calculator There sites provide up-to-date tax information and convenient utilities for tax compliance.
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With utmost sorrow, we regret to inform you that one of our firm’s partners Mr. Masayuki Wakana passed away on December 31, 2021 due to a sudden illness. We would like to express our sincerest appreciation for his dedication to work and customer care. As per the family’s decision, the funeral of Mr. Wakana was conducted on January 4, 2022 and his passing was announced after the funeral. Reiwa’s remaining partners, Masahiro Kusunoki, Nozomu Hatayama and Koshi Kawamura will honor Mr. Wakana’s life by continuing to provide the best service to our customers as he had done throughout his career.…
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November 1, 2020 marked one year since several offices and departments split off from Nagano Morita to form a new independent company, Reiwa Accounting LLP. Thanks to the confidence of our clients, as well as auditors and tax accountancy firms in Japan, our business has been able to grow. We would like to thank all of you for your support. We may still be small, but we are committed to providing our clients with technically advanced, detailed-oriented services. We can offer our clients an unprecedented range of services and, to help clients make the right choice, on the occasion of…
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