In February 2016, the Financial Accounting Standards Board (FASB) issued the final rules for lease accounting. This new lease standard will affect organizations with real estate, equipment and other similar type operating leases. Generally, leases with term in excess of 12 months will be recorded on the balance sheet as an asset (right to use leased assets) and a liability (lease liability). The P&L impact, if any, is expected to be minimal. For public companies, this new accounting standard is effective for fiscal years beginning after December 15, 2018. For all other organizations, this standard is effective for fiscal years beginning after December 15, 2019. ADKF will be providing more information related to this new standard in the near future.
For more information, click here to read a summary article published in Accounting Today.
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