Many business owners see their leases --everything from buildings to copy machines-- as just that --a lease. But what they aren't used to seeing are those leases showing up on their balance sheets. If you have a long-term lease of any kind, you'll need to understand the new lease accounting standard, also known as, Accounting Standards Update 2016-02 or Leases (Topic 842). For non-public entities, this standard is set to take affect for fiscal years beginning after December 15, 2019.
Topics: Business Planning & Operations