The Financial Accounting Standards Board (FASB) and the international Accounting Standards Board (IASB) recently announced the release of new accounting standards that define how organizations must account for leases. The release of these new leasing standards is more than just an accounting change. It is an event that will have profound implications on lease/buy decisions, internal process coordination and financial reporting. Companies need to think about new processes, new systems, and new controls.
The spreadsheets that many companies use to track and calculate lease payments are no longer sufficient as they do not:
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