Apr 05, 2016
From the Advisory Institute
An article for cfo.com by Kimber Bascom, Audit Partner, and Dean Bell, Advisory Partner, KPMG LLP
The Financial Accounting Standards Board’s issuance of its updated lease accounting standard on February 25, 2016, ushers in a new era in which companies will recognize most leases on their balance sheets. This change will increase reported assets and liabilities for companies across all sectors—in some cases very significantly, with trillions of dollars of lease obligations expected to move onto balance sheets by January 2019.
Well before the new standard becomes effective, companies will need to assess how widespread its effects will be so they can plan for needed business and process changes. In this article for cfo. com, KPMG's Kimber Bascom and Dean Bell offer five key action items CFOs should focus on from the outset to successfully implement the new lease accounting rules.
Read FASB Leasing Update: Five CFO Action Items on cfo.com.