Last February, the Financial Accounting Standards Board (FASB) issued a set of new guidance for the accounting of leasing arrangements. Which will bring with it a host of changes to accounting and financial reporting processes across several industries.
Under the new guidance, to take effect calendar year 2019 (for public entities) — and 2020 (for non-public entities), companies will now have to recognize assets and related liabilities on their balance sheets on—barring rare exception—each and every one of their leasing arrangements.
Companies should start thinking about these changes immediately to understand the effect of the new standard on your company’s financial statements. To get a better understanding of the leasing standard updates, please utilize this page for the latest seminars, webinars, articles and trending news.
Thomas DeVitto, Chief Marketing Officer