In 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions.
Implementing FASB’s lease accounting standard will require businesses to invest considerable time and resources in gathering the information required for reporting. AAFCPAs advises clients to not delay!
Lease Implementation Checklist – AAFCPAs designed a comprehensive checklist to help clients understand the scope of the ASU implementation process.
Lease ASU Whitepaper – AAFCPAs provides a detailed Whitepaper providing guidance on the FASB’s Lease standard so clients may proactively consider the impact on their current and future operations. This Whitepaper includes a comprehensive outline of the scope of the new lease standard, effective dates, disclosure requirements, and practical considerations for lessees and lessors.
AAFCPAs assembled its Lease Accounting Task Force to ensure clients can implement the new ASU with efficiency and ease. We have been dedicated to interpreting and advising clients on the ASU since introduced by the FASB back in 2016.
Contact us to discuss how the new lease standard will impact your organization—and how we can help.
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