As the recovery continues, many businesses and exempt organizations are taking another look at the new lease accounting standard and requirements. Learn how to simplify the process.
One of the effects of cash flow shortages from COVID-19 has been an increase in rent deferments or abatements. It’s one thing to alter the language of a contract, but the question becomes how to treat rent concessions in the financial statements, and which set of guidelines to follow.
Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) – issued February 25, 2016 For most non-public entities this update is effective for fiscal years beginning [...]