Let’s talk about leases – New accounting standard to usher in significant changes

Description

Abstract: Earlier this year, the FASB issued its long-awaited update revising the appropriate treatment of leases on financial statements. Affected construction companies should start assessing its impact now. This article explains important details of Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). A sidebar looks at how the complexity of combined contracts is addressed.