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.
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