FASB Releases New Lease Accounting Standard ASU No. 2016-02, Leases

By Surgent CPA Review Team

lease accounting

The FASB (Financial Accounting Standards Board) issued Accounting Standards Update No. 2016-02, Leases (Topic 842).

IASB lease accounting standard

On January 13, 2016, the International Accounting Standards Board (IASB) issued International Financial Reporting Standard (IFRS) 16, Leases. This will be testable on the CPA Exam beginning in October 2019.

FASB Votes To Move Forward With Final Standard On Leases

By Surgent CPA Review Team

final standard lease accounting

The FASB voted to proceed with an accounting standard that requires companies to include lease obligations on their balance sheets. The next step is a “ballot draft.”