Accounting for Leases under the New Standard, Part 2

Lessor Accounting, Changes in Lease Terms, Practical Expedients, and Preparation Tips

Robert Singer, PhD, CPA, Alyssa Pfaff, Heather Winiarski, CPA, and Mark Winiarski, CPA

In BriefPreviously, the authors guided readers through the background of FASB's new standard on lease accounting, the new criteria for defining and classifying leases, and the lessee's accounting responsibilities. They now conclude with a summation of lessor accounting, as well as coverage of accounting for changes in lease terms, the practical expedients allowed under the new guidance, and suggestions to affected entities on how to prepare for the transition.