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.

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Topic two rounds out our NFP Financial Reporting Changes series! To recap, in 2011 the FASB began a project to improve Not-for-Profits’ (NFPs’) financial reporting after concluding that the existing standards are sound but that it was time to determine improvements that could be made.  In 2015, the FASB presented its findings/improvements to the public and received significant and mixed feedback. As a result the FASB decided to divide the project into two phases. Our ser Read More >>