New Lease Accounting Resource Center
FINANCIAL REPORTING INSIGHTS |
RSM US LLP recently launched a Lease Accounting Resource Center with information about the new guidance in Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). The Resource Center includes:
- Access to high-level and detailed information about adoption and implementation of the standard, including the following RSM resources, among others:
- A contact form for those who need help implementing the new standard
- Additional resources on lease accounting
ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for (a) a public business entity, (b) a not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market and (c) an employee benefit plan that files financial statements with the SEC. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption of ASU 2016-02 is permitted for all entities.
Even though the FASB provided a deferred mandatory effective date, lessees and lessors should familiarize themselves with the new lease guidance now so as to better understand its financial reporting consequences. Our February 28 webcast, Are you ready to adopt ASC 842?, will highlight key steps and best practices for implementation of the new lease accounting standard.