Is Your Business on Track to Meet the 2022 Lease Standard Deadline ?
Updated accounting rules for long-term leases took effect in 2019 for public companies . Now , after several deferrals by the Financial Accounting Standards Board ( FASB ), private companies and private not-for-profit entities must follow suit , starting in fiscal year 2022 . The updated guidance requires these organizations to report — for the first time — the full magnitude of their long-term lease obligations on the balance sheet . Here are the details .
8 VIEWpoint Issue 2 | 2021