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FASB addresses lease accounting transition questions

Tammy Whitehouse | May 12, 2017

Facing questions about how companies are expected to transition to the new lease accounting requirements beginning in 2019, the Financial Accounting Standards Board explained during a recent open meeting what it had in mind when it issued its now-codified guidance.

The new lease accounting standard requires all companies to reflect on the face of the balance sheet and through the income statement virtually all leased assets and their associated liabilities, beginning with public companies in 2019. The standard does not allow companies to follow a full retrospective method of adoption, which would mean recasting all prior periods in financial statements as if the standard had always been in...

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