In this recent webinar, Baker Tilly's assurance professionals discussed the new lease accounting standard, ASC 842, Leases, and the wide spread impact of the new standard on financial reporting.
The new standard will change the financial reporting obligations of companies that engage in leasing for assets such as real estate, vehicles, and equipment. It is intended to make it easier for users of financial statements to compare different companies, but it will also likely have a range of additional repercussions for the companies themselves.
Key learning objectives
- Understand when the new lease standard is effective
- Understand the impact on a lessee’s financial statements
- Discuss ways in which a lessee may want to re-negotiate a lease with the lessor
- Overview of the next steps a company should take in order to prepare for implementation