In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. There are elements of the new standard which will likely impact almost all entities to some extent, although lessees will likely see the most significant changes with their accounting for and reporting of lease agreements. Because of the significant changes contained in this ASU, the effective date for implementing the new accounting guidance was pushed to 2020 for private companies and most nonprofits. FASB has taken advantage of the intervening period of time between issuance and effective dates to provide various improvements and practical expedients.
In this detailed Whitepaper, AAFCPAs has outlined the significant changes resulting from the new ASU for your convenience, and provides details and insights related to the practical expedients and improvements. This ASU applies to all entities that enter into a lease.
Read AAFCPAs’ detailed Lease Standard Whitepaper to learn what leesees and lessors need to know. >> https://info.aafcpa.com/download-lease-standard-offer
If you have questions about how the new Leases ASU will impact you, please contact Olga Yasinnik, CPA, MBA at firstname.lastname@example.org, 774.512.4082; Jeffrey Mead, CPA, CGMA, at 774.512.4143, email@example.com; or your AAFCPAs Partner.