The Boards jointly confirmed on July 21-22, 2011, that they would re-expose a new and updated Leasing Standard Exposure Draft incorporating the changes and progress made since the August 2010 Exposure Draft. The new Draft, including a period of discussion, will be compiled in the 3rd quarter of 2011 and released shortly thereafter sometime in the 4th quarter of 2011.
The Boards continued their discussions on the single approach to this issue, which recognizes a lease receivable and a residual asset at lease commencement. Of course, this approach raises additional issues and results in new considerations. Notably, the issues of profit recognition at lease commencement and whether there is a difference when only a portion of the asset is leased and not the entire asset.
Dallas, TX (July 7, 2011) – In a Chain Store Age article from June 30th by Katherine Field Boccaccio, the recent joint NRTA / Lucernex survey on FASB readiness was featured with the writer focusing on several indicators showing that Retailers are not yet acting on the ending FASB changes.
We recently concluded a joint survey with the National Retail Tenants Association (NRTA) focused on the retailers’ perspective of the impact of the FASB changes and their readiness for those changes. One of the great things about collecting this much data at once is that many different dimensions can be explored. The finding that intrigued me the most was HOW retailers are planning to solve the problem and WHO they were involving in the resolution. This finding accentuated for me the vast advances the retail industry has made in both technology and process integration over the past 10 to 15 years.
Lucernex Technologies Leads the Market In Transitioning Retailers From Legacy Software to Cloud Solutions
Dallas, TX (May 10, 2011) – Lucernex Technologies, an innovative developer of business intelligence software for retail real estate management and development, today announced that first quarter of 2011 sales included a record number of new clients switching from legacy software applications onto the Lucernex cloud based software-as-a-service solutions. These results were attributed to offering: