At its meeting February 17, 2016 the FASB announced that it expects to issue its standard on accounting for leases, ASU 2016-02, on Thursday, February 25, 2016. That’s next week folks, for those who were (and some still remain) skeptical that the new lease accounting changes would ever come. When the new rules are released, your trusted advisers at LeaseQuery will publish a summary in plain English.
About LeaseQuery: LeaseQuery is lease accounting software that helps companies manage their leases. Rather than relying on excel spreadsheets, our clients use LeaseQuery to get alerts for critical dates (renewals, etc), calculate the straight-line amortization of rent and TI allowances per GAAP, provide the required monthly journal entries (for both capital and operating leases) and provide the commitment disclosure reports required in the notes and the MD&A. Contact us here.
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