FASB’s New Lease Requirement Standards Could Impact Your Financial Statements


OMA Connections Partner, Clark, Schaefer, Hackett, reports that the Financial Accounting Standards Board (FASB) has issued its long-awaited update revising the proper treatment of leases under U.S. Generally Accepted Accounting Principles (GAAP).   This will affect companies that lease real estate, vehicles, construction and manufacturing equipment, and other assets. The standard requires these businesses to recognize most leases on their balance sheets, potentially inflating their reported assets and liabilities.  Read more here.