Optimal Leasing LLC , an independent MBE originally founded in 1996 with a specific
emphasis on providing lease financing for capital equipment, assist
customers who have diversity objectives and are interested in Tier 1 & 2 spend.
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New FASB Lease Accounting Standards Impact US Businesses in China
By Steve Austin, Firm Managing Partner of Swenson Advisors
US-based businesses with subsidiaries in China need to prepare financial statements that are consistent with US Generally Accepted Accounting Principles (GAAP) and the new Financial Accounting Standards Board (FASB) lease accounting standards.
While Chinese subsidiaries need to file financial statements consistent with China GAAP, often these financial statements need to be translated to US GAAP. Recent International Accounting Standards Board (IASB) standards have also changed the way leases are recorded in the financial statements in line with the new US GAAP standards.