On February 25, 2016, the FASB issued ASU 2016-02, Leases, culminating a decade long project. The new standard creates Topic 842, Leases, in the FASB Accounting Standards Codification and will supersede FASB ASC 840, Leases.
In this session, we will:
• Explore the nuts and bolts of the new standard, including the debits and credits associated with transition.
• Identify the key measurements and entries required for transition to the new lease accounting standard.
• Describe the key accounts and journal entries required under the new lease accounting standard.