Transcription of Lease Presentation & Disclosure Requirements: Lessee
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Lease Presentation & Disclosure Requirements: Lessee
Lease Presentation & Disclosure requirements : Lessee The public entity1 adoption deadline for the new guidance in Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), is drawing closer. This is the first major overhaul of Lease guidance since 1973 and implementation and documentation will be significant undertakings for entities in all industries. The effect on each company will depend on the nature and volume of its leases. The guidance requires lessees to recognize substantially all leases on their balance sheets as Lease liabilities with a corresponding right-of-use (ROU) asset; however, this is not a simple gross-up exercise. Do not underestimate the time, effort and cost to implement these new rules. Feedback from early adopters indicates there is more to do than expected and has prompted the Financial Accounting Standards Board (FASB) to consider additional relief.
Lease Presentation & Disclosure Requirements: Lessee The public entity. 1 adoption deadline for the new guidance in Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), is drawing closer. This is the first major overhaul of leaseguidance since 1973 and implementation
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