How are Financial Statements Affected Now That the New Lease Accounting Guidance is in Effect?
Recorded On: 05/25/2022
The Financial Accounting Standards Board (FASB) issued new lease accounting guidance in response to criticism of the existing guidance for not providing financial statement users enough information about an entity’s leasing activities. The most significant change resulting from implementation is that lessees will be required to put nearly all leases on the balance sheet by recognizing a right-of-use asset and a lease liability. After several delays to the effective date, most companies were required to adopt the guidance on January 1, 2022. This seminar will provide a high-level overview of how financial statements will be affected by the new guidance, including the effect on various performance metrics.
Albin, Randall & Bennett
Gisèle Couturier, is a manager at Albin, Randall & Bennett focused on providing accounting and auditing services to construction and other commercial entities, not-for-profit organizations, and financial institutions. She holds a Bachelor’s degree from the University of Southern Maine and a Master’s degree from the Rochester Institute of Technology. Gisèle is a member of the American Institute of Certified Public Accountants and the Maine Society of Certified Public Accountants.