Changes recently released by the FASB (Financial Accounting Standards Board) will affect lease accounting for public companies beginning on December 15, 2018 with changes rolling out for private entities in December 2019. These changes will provide more visibility related to leasing liabilities, eliminate the concept of leveraged leases and will change how lessors recognize lease components.
2017 and 2018 leases will need adjustments to meet the new standard and must be transitioned using the modified retrospective approach.
CBIZ, Inc., September 25, 2018
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