Guidance on New Lease Accounting Standard
What Lessees & Lessors Need to Know
In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience.
AAFCPAs has provided a detailed Whitepaper providing guidance on the FASB’s new Lease standard so clients may proactively consider the impact on their current and future operations. This Whitepaper outlines the significant changes resulting from the new ASU, including: a comprehensive outline of the scope of the new lease standard, effective dates, disclosure requirements, and practical considerations for lessees and lessors.