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Leases: The New Standard



On February 25, 2016, the Financial Accounting Standards Board issued a new standard that will govern the accounting for lease contracts beginning with the 2019 calendar year-end for public companies and the 2020 calendar year-end for all other entities. The key change in the new standard is the requirement for lease assets and liabilities to be recognized and recorded on the balance sheet. It has been speculated that the release of this standard could result in as much as $2 trillion in assets and liabilities being added to the balance sheets of U.S. companies. Although the final economic impact is undetermined, the changes within the new standard will affect multiple aspects of a business’s operations, so companies should begin now to familiarize themselves with the new standard, and assess how any changes could impact their compensation plans, loan covenants and other business dynamics.




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