Optimal Leasing LLC has operated as an independent Minority Business Enterprise Lessor with an emphasis on Capital equipment primarily IT, Data Storage, Telecom, Point of Sale, Medical and Material Handling equipment.
8 things to know about lease accounting implementation
By Ken Tysiac / Journal Of Accountancy
November 29, 2018
The changes brought about by FASB’s new lease accounting standard are coming into full view for finance departments that use U.S. GAAP for their financial reporting.
Many public companies are in their last stages of implementing the standard, which takes effect for them at the beginning of next year.
FASB gave private companies an extra year to comply, and already many of those companies have begun creating an inventory of their leases and extracting the data that will be needed to comply with the new standard.
Here are eight things company finance departments need to know as they work through the significant changes associated with the new standard, which will bring all leases onto the balance sheets for lessees in an effort to provide more transparency to financial statement users: