Search Results for: iris
ASC 842: What, Why, When & How?
What is ASC 842 Leases? Known as Accounting Standards Update (ASU) 2016-02, and published by FASB in 2016 with an effective date of 2019, Topic ASC 842 is the new “leases” standard initially planned and drafted alongside IFRS 16 from IASB. The standard was designed to update and replace ASC 840 particularly addressing the issue […]
Applying ASC 842: Determining Lessee Discount Rates
Although the new accounting standard for leases – ASC 842 was published back in 2016, many business may only now be addressing the guidance on transitioning to the standard. ASC 842 will, for those using operating leases as a regular means of asset acquisition, greatly increase the number of leases that may need to be […]
Applying ASC 842: Practical Expedients and Exemptions
Both FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) understood the enormity both from the perspective of effort and impact of the implementation of the new lease accounting standards – ASC 842 and IFRS 16. The adoption of the new standards by entities in general but lessees, in particular, is seen as […]
Applying ASC 842: Calculating the Right-of-Use (ROU) Asset
One of the most significant changes for lessees when applying the new ASC 842 lease accounting standard is the recognition of right-of-use (ROU) assets and lease liabilities. Under ASC 842, leases are to be broken down to an asset level with services and non-asset elements stripped out and treated differently from an accounting point of […]
Save Time and Increase Efficiency with Employee Self Service Online
Did you know your employees have 24/7 access to a free, secure online portal that contains copies of their paystubs and W-2 forms? Just like you, they can download and print these individual documents on demand from their own personal portal.There are many benefits to allowing employees access to electronic copies of these documents.If your […]
Star goes virtual (mostly)
Star has announced that, after staff consultation, it will close its offices in Watford, Cannock and Eastbourne in Q4 2020. Staff have been working successfully from home since March 2020. Instead, Star will have its own space in Iris’ headquarters near Heathrow for staff who prefer to work in an office full time and for […]
ASC 842 Disclosure Requirements for Lessees
In February 2016, the Financial Accounting Standards Board (“FASB”) issued the new leasing standard in ASU 2016-02 (“ASC 842”) for both lessees and lessors for use when preparing financial statements. ASC 842 directs that a lessee will recognize right-of-use (“ROU”) assets together with associated lease liabilities on the balance sheet for all lease arrangements with […]
Identifying Embedded Leases Under ASC 842
Every accounting standard has its own set of challenges, but there’s one aspect of all of the guidelines relating to ASC 842 that is especially challenging and that is the issue of addressing embedded leases. An embedded lease, a term not defined in either ASC 842 or IFRS 16, refers to the components of a […]
Understanding Sick Leave in the US
In the US, the labor market is its own force. In fact, across its 50 states, the shape and size of North America’s “labor force” ranks, according to pre-pandemic polls, at nearly 157 million strong – and counting. From factory floors, to checkout lanes, and high-rise views from a desk, US labour is constantly being studied. At one time, pollsters may probe about turbulent union […]
Banking and integrations: your questions answered
The IRIS Practice Engine team recently welcomed customers to our online user group sessions. On day two, we focused on what we are currently developing – Banking and Integrations. A number of pertinent questions were raised by attendees. Below, we give you all these and the answers. 1. When will 9.8 be ready to be […]
Document Management: On-Premises or Cloud?
Understanding the Options for your Accounting FirmINTRODUCTIONAccounting performed on computers has come a long way since the computer age began in the 1950s. While firms and clients still use desktop or laptop computers, an increasing number are using those PCs to connect with applications and storage located elsewhere. Cloud technology is driving rapid change in […]
Doc.It® Suite Earns 5-Star Award from CPA Practice Advisor
DMS praised as easy to use, loaded with features, and suitable for firms of all sizesOctober 07, 2020 – Las Vegas, NV and Ancaster, ON – Doc.It®, an industry-leading provider of a powerful and scalable full suite of document management, workflow, document storage and web portal products for accounting firms, has earned a 5-star Award for […]
