The latest lease accounting standards are far reaching and substantially change the way organizations record leases. With the lease accounting standard now in effect, it’s important to ensure you’re compliant with these changes.
We understand implementation of the latest lease standard can be complicated. Our Lease Standard Guide will help you walk through the steps to implement the standard with confidence.
FASB’s updated lease standard introduced major changes in the financial reporting related to lease arrangements. Known as ASC 842, FASB’s update to the lease accounting standard aims to streamline accounting for leases under GAAP rules, reduce off-balance activities, and improve transparency into liabilities contained in lease arrangements.
GASB 87, Leases, is the updated accounting standard for public sector and government entities. GASB 87 requires all leases to be reported as capital leases and eliminates the classification of an operating lease – unless that lease is short-term (12 months or less). GASB’s update to the lease accounting standard aims to provide better information for financial statement users.
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