All posts by : Nicole Briggs

With the new lease accounting standards issued by FASB very soon set to become a reality, the corporate world has already started to take the necessary steps to become fully compliant under the new guidelines well ahead of the 2019 deadline. The new leasing standards requires most of the off-balance sheet leases to be represented as assets and liabilities on the balance sheet depending upon the right-of-use principle. With this, FASB expects not only the investors to have a true idea of the financial health of the company but also hopes that the management will get a better insight on the actual extent of their leasing liabilities which, in turn, will enable better decision making and capital allocation.

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Lease Accounting has been a pretty active buzzword lately thanks to the new leasing accounting FASB standards released earlier this year.

The corporate world has started the necessary changes in their leasing contracts and accounting practices to adhere to these new norms which will become applicable starting in 2019. It might sound safely distant in the future, but companies will be required to provide three years of income statements and two years of balance sheet comparable.

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You’ve been hearing a lot about it over the past couple of years, but its here to stay. That’s right, we’re talking about the new lease accounting changes.

Nearly a decade ago, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) came together to establish a new set of accounting standards that would provide greater transparency and comparability in financial reporting. It has taken awhile, but the new lease accounting standards have been released.

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