Lease accounting standard – Get ready! Deadlines are fast approaching
Abstract: Deadlines for adopting the new lease accounting standard (ASU No. 2016-02) that was issued two years ago are quickly approaching. If a dealership is publicly held, it must adopt the new standard by December 15, 2018, if its fiscal year begins after this date. If a dealership is nonpublic, it has an extra year to adopt the new standard — until December 15, 2019, if its fiscal year begins after this date. This article spotlights the requirements and its possible impact.