In a previous blog post on the new leasing standard, we addressed common questions about what the standard entails and who will be impacted. In short, the new standard is designed to improve financial reporting about leasing transactions. Any and all assets that are leased – including real estate – will be affected.
Once the new standard is implemented, your business may see a significant impact on how it conducts, manages and documents its leasing activities. Therefore, proper preparation and documentation is crucial.
That’s why we created the infographic below highlighting tips for businesses to streamline implementation of the new standard, which goes into effect the fiscal year beginning after Dec. 15, 2018 for public companies and after Dec. 15, 2019 for private companies.