Bring on the LEASES!
Share this article Share this article DALLAS, Feb. 16, 2021 /PRNewswire/ -- For many private companies, fully understanding the new lease accounting standards (ASC 842, IFRS 16, and GASB 87) has been an immediate source of frustration. Gaining lease compliance by the beginning of 2022 seems daunting and complicated. This paper summarizes the changes in the accounting standard for lessees and steps to take to ensure a smooth transition. Why the shift from ASC 840 to ASC 842? Imagine a company that is in the business of making airplanes and has no airplanes recorded on the balance sheet. Inste...
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