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New lease accounting standards will affect your financial reports

By: Bryan Porter

The new leasing standard is coming.

To many business owners and executive management teams this is not a groundbreaking revelation. The Financial Accounting Standards Board (FASB) issued sweeping changes in how companies recognize assets and liabilities that arise from lease arrangements in February 2016 under ASU 2016-02.

The lease accounting standard will have major implications on financial reporting for all companies, but many privately held companies have not addressed the changes internally or with key financial partners. Given that the effective date for privately held companies impacts financial reporting for calendar year-end 2020, many business owners and executive management teams have deferred a complete and detailed analysis until implementation is imminent. That time is now.

In the January 19, 2018, print and digital editions of The Daily Record, Bryan Porter, a Director in the firm’s Audit, Accounting and Consulting Department, explores the financial reporting implications of these new lease accounting standards.

To read the rest of the article, please visit New lease accounting standards will affect your financial reports on The Daily Record’s website.


Bryan colorBRYAN C. PORTER, CPA, MS, is a Director in the Audit, Accounting, and Consulting Department of Ellin & Tucker in Baltimore, MD, where he advises privately held businesses in various industries, including construction, manufacturing, wholesale distribution, and technology. Bryan is also a member of the firm’s Audit and Accounting Technical Standards Committee, which oversees programs designed to educate the company and its clients on current accounting and business topics. He may be reached at bporter@ellinandtucker.com

 

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