What you may not know – but you should – is that on Feb. 25, 2016, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) 2016-02, Leases, (ASC 842), the long-awaited new standard on lease accounting.
The new lease standards, ASC 842, require significant changes in the accounting treatment of leases under U.S. generally accepted accounting principles (GAAP). Entities that hold numerous equipment and real estate leases – particularly those with operating leases – will be most affected by this new guidance. So, what should your company do to prepare, and why should it be prepared?
Skoda Minotti has published a new e-book, Lease Accounting Standards Updates – What You Need to Know for 2019, designed to help business owners and managers answer these questions. In it, we share details about what the new lease accounting standards updates are all about; what they are designed to accomplish; what the potential impacts may be for businesses of all sizes and scopes; and how businesses can plan accordingly for 2019 and beyond. It is organized as follows:
Chapter 1: Introduction to New Lease Standards Under ASC 842
Chapter 2: Objectives and Highlights of New Lease Standards Under ASC 842
Chapter 3: Applications for Private Companies
Chapter 4: Impacts of the New Lease Standards
Chapter 5: Moving Forward: What You Will Need to Change
Chapter 6: Conclusion