How the new changes to lease accounting could affect you
Abstract: The FASB in February 2016 issued an update to the proper treatment of leases in financial statements under U.S. GAAP. The new guidance, ASU No. 2016-02, Leases (Topic 842), will affect all organizations that lease assets such as real estate, vehicles and equipment. This article explains the most significant accounting changes. A sidebar highlights steps that nonprofits can take now to prepare for the new standards.