What CPAs Should Know About the New Leasing Standards
With the Financial Accounting Standards Board’s new lease standards going into effect at the end of this year, CPAs need to be advising corporate clients about how to best address them, so here’s what to know before it’s too late. To review, the new standard (ASC 842, Leases) goes into effect Dec. 15 and requires companies to move the future costs of their operating leases from the footnotes (where those costs are reported now), to be listed as liabilities on the balance sheet.
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