Looking at Leases with Molly Stinn: A Six-Part Series
Molly Stinn, CPA, is an Equity Director at the firm.
FASB ASC 842, Leases, otherwise known as the new lease standard, requires many changes in how we account for leases. The biggest impacts of the new standard will be (a) felt on the balance sheet as substantially all operating leases will now be recognized as right-of-use assets and lease liabilities and (b) reflected by new qualitative and quantitative disclosures.