The FASB has decided that most leases, predominantly commercial space and equipment leases, must be reflected on GAAP basis balance sheets in 2019-2020 (with early
implementation available immediately). This pronouncement is expected to have a trillion dollar impact on balance sheets of U.S. companies, not to mention the additional work accountants in public and private practice must perform to make this “concept” a reality. This presentation approaches the new leasing standard from the perspective of a lessee and the lessee’s external accounting advisor.
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