The Federal Accounting Standards Board’s new standards — released earlier this year — are important to understand for lessees in particular, but there are elements of the new standard that have the potential to impact almost all entities. Knowing how they could affect you or your business is essential.
Lessees will need to recognize nearly all the leases on the balance sheet, and adjusting to these changes will likely require operational and system changes in many areas of a business, from taxes to financial reporting, accounting to technology.
But how do you get your arms around what exactly it means to you? Our own Ryan Rawls and Mitchell Rusbarsky are experts on the FASB changes, and have some tips on the timing of the transition, and what you’ll need to think about doing for your business. To learn more, click on the video above.