LEASES
100 points
Should be at least 2 pages double spaced. And
On February 25, 2016, the FASB issued the new lease accounting standard, ASU 2016-02, Leases (Topic 842).
We have also studied leases in chapter 20 this term.
The assignment is to research the new standard and do a report that should include the following: (In no particular order)
1) Provide a history of the FASB’s actions on leases over the years.
2) Give a breakdown on the requirements of the new announcement to include the accounting issues and effective dates.
3) Compare to the old requirements – for example, how accounting for leases is presented in chapter 20.
4) Pick one industry and describe how the new standard will impact it. Some suggested industries: airlines, real estate, retail, automotive, telecommunications, or any other that will be impacted.
Below are some links, but there are many more available.
http://www.fasb.org/jsp/FASB/FASBContent_C/CompletedProjectPage&;cid=1176167904031
http://www.pwc.com/us/en/cfodirect/issues/lease-accounting.html
http://www.fasb.org/jsp/FASB/FASBContent_C/NewsPage&;cid=1176167901466
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