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The current lease accounting model has been the same for over 30 years. In 2016, the Financial Accounting Standards Board issued new guidance for leases that will have a significant impact on the lease accounting model and will affect nearly all companies. GBQ can help you be out in front of the changes so that you are prepared for implementation – FSAC 842 (PDF).
Key implementation considerations in the lease pronouncement:
- Define a lease
- What is included in cost of right of use assets
- Types of leases
- Capitalized operating leases
- Finance leases
- Financial statement impact
- Transition issues
- Guidance for new leases
- Tax considerations
- GAAP vs. other basis of accounting
- Lessor accounting