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For questions on implementing the new lease accounting standards, contact BSSF today! Our ethical guidance describes the professional values, knowledge, skills and behaviours we expect of all doctors working in the UK.By now, most accountants, and many other financial professionals, are aware that a significant change is coming in lease accounting.Considering that almost all entities, for-profit and nonprofit alike, lease vehicles or equipment or real estate, this update will have a far-reaching impact.This does not impact whether the lease becomes part of the balance sheet but does impact the treatment on the income statement.
Because interest expense decreases over the period that a liability is decreased, finance leases will reflect greater expense than operating leases in the early years and less expense in the later years.An entity may make an accounting policy election, for leases with terms of 12 months or less, not to recognize assets and liabilities but instead to recognize straight-line lease expense.Balance sheet leases will be classified as either finance or operating, with the difference affecting the pattern of expense recognition in the income statement.Financial statement users are continually seeking transparency and comparability, and in its efforts to obtain feedback from financial statement users, the FASB concluded that the existing lease guidance did not meet the needs of users because, despite disclosure in the notes to the financial statements, it did not a require lessees to present assets and liabilities arising from operating lease activities.
Right-of-Use Asset and Lease Liability Changes Under FASB ASU 2016-02, lessees will be required to recognize right-of-use (ROU) assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months.Lease Type Determination Changes One of the key differences between the existing and new standards is in the nature of determining the lease type.