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Companies Prep for FASB’s New Take on Leases

Tammy Whitehouse | January 26, 2016

Still knee-deep in preparing for the massive new revenue recognition standard, public companies have plenty of reason to start revving up now for another major accounting change on the horizon—the new leasing standard.

The Financial Accounting Standards Board says it will issue its long-awaited final package on how to account for leases in the first quarter of 2016, soon after the International Accounting Standards Board has already issued its final rule. Both standards require all companies to add trillions of dollars in off-balance-sheet lease holdings to corporate balance sheets, although the two boards chose different avenues for reflecting the cost of lease obligations in the income statement.

FASB and the IASB agree that every company should reflect a right-of-use asset and liability on the balance sheet for all leases, except for the shortest-term... To get the full story, subscribe now.