New lease accounting rules go into effect this year for private companies and nonprofits. Related-party leases continue to be a sticking point, but help may be coming soon.
Last call for lease accounting
Private companies: Have you implemented the new lease accounting rules? If not, you can’t afford to procrastinate any longer. Here’s what you’ll need to do before year end and how it may impact your financials.
Lease Standard Makes Impact on Balance Sheet
We are fast approaching 2022, so it is time to consider the new leasing standard for calendar-year entities, which becomes effective January 1, 2022.
Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?
Coming soon: Private companies and nonprofits that rent equipment, vehicles and real estate will need to update their accounting systems for major changes to the rules for long-term leases under U.S. GAAP.