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 […]
Looking at Leases with Molly Stinn: A Six-Part Series Molly Stinn, CPA, is an Equity Director at the firm. The new lease standard has revolutionized the way we report operating leases. By definition under the new lease standard, an operating lease is “an agreement that has an identified asset and a right to control the […]
Looking at Leases with Molly Stinn: A Six-Part Series Molly Stinn, CPA, is an Equity Director at the firm. The new lease standard has introduced new terminology. What we have become used to calling “capital leases” will become “finance leases” with the implementation of FASB ASC 842. While balance sheet reporting and income statement expense […]
Looking at Leases with Molly Stinn: A Six-Part Series Molly Stinn, CPA, is an Equity Director at the firm. Why is there a new lease standard? In its review of SEC registrants, the Financial Accounting Standards Board (FASB) noted that publicly-held companies disclosed over $1 trillion of off-balance sheet leases. Per the current lease […]
