New Lease Accounting Guidance Issued by FASB

Posted by Julie Killian on March 14, 2016

Julie Killian

On February 25, 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02 Leases (Topic 842), which provides new guidance on lease accounting. The new leasing standard will have a significant impact on the balance sheets of lessees. The lessor accounting has also been updated and will align with some of the changes to the lessee accounting and certain aspects of the new revenue recognition standard. The revisions to accounting for leases will impact nearly all business entities. The standard was originally part of the convergence efforts between the FASB and the International Accounting Standards Board (IASB). However, the final …

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Accounting & Auditing Update

Posted by Julie Killian on February 19, 2016

With each passing year, accounting standards change and increase in complexity. While accounting standards have continued to evolve throughout 2015, the main theme of the …

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