Key Takeaways
- The lease accounting standard is far reaching and substantially changes the way organizations record leases.
- With the lease accounting standard now in effect, it’s important to ensure you’re compliant with the changes.
- A simple 5-step model can assist you in implementing the updated standard.
An In-Depth Guide on Lease Accounting Standards
The updated FASB Lease Accounting Standard (ASC 842) aims to streamline lease accounting, reduce off-balance activities, and enhance transparency in financial reporting, while GASB Lease Accounting Standard (GASB 87) mandates that all leases for public sector and government entities be reported as capital leases unless they are short-term (12 months or less) to improve financial statement information.
We’ve developed a comprehensive guide to help you navigate the lease accounting standard and ensure you’re compliant. The guide includes actionable insight and expertise to help you better understand:
- What has changed in the updated standard
- Key aspects of accounting for leases under the updated standard
- The 5-step model to assist you in implementing the updated standard