Confused by the New Lease Accounting Standard? Here’s What You Need to Know.
On August 17th, 2010, The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued the “Exposure Draft on Leases.” It’s 66 pages long, and while we commend you if you’re one of the few who read the entire thing, we’re here to help break it down for you. We’ve taken much of our info from our friend Bob Cook, whose blog has a variety of posts on the new Lease Accounting Standards. Visit Bob’s blog at http://bobcook1234.wordpress.com/ to read all about Lease Accounting. Now let’s get down to business. Here’s what you need to know.
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