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Published: Apr 04 2018

Game Changing Compliance: FASB, Lease Accounting Standards, and Your Business

The FASB/IASB changes have left many companies with lots of questions and a substantial impact in the areas of accounting, finance and reporting, real estate, tax and technology.

What can you expect? How can you remain in compliance? Accruent is breaking down the FASB/IASB changes and how it affects you.

The key lease accounting changes are sure to have an impact on your organization, here’s what you can expect:

  • Virtually all leases will be put on the balance sheet
  • Asset and liability measurements will be based on the present value of lease payment over the term
  • Profit and Loss will no longer be straight-lined
  • A new “Right of Use” asset will be introduced

These changes mark a significant update to the FASB/IASB standards. From adjusted disclosures, guidance and supporting documents, to a broad change in taxonomy, where are you supposed to start? Which procedures or polices must be updated to capture the correct information on both assets and liabilities on balance sheets?

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