Financial statement preparers, including personnel across many departments, e.g., management, accounting, procurement, and IT, have been challenged with understanding the impact of the changes in accounting for leases under FASB’s new guidance.
This article provides insights into the requirements of a lease arrangement and examples of a few common arrangements along with the related scoping considerations. This represents a practical approach and reflects FASB’s desire to make it more practical, less complicated, and more meaningful to financial statement users.
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FORVIS is a proud principal partner of the Construction Financial Management Association (CFMA). This resource first appeared in its magazine, CFMA Building Profits, and was posted on forvis.com with permission. Our professionals at FORVIS are regular contributors to this publication.