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The way organizations have always processed their
lease accounting standards is about to change.
Organizations worldwide will need to start complying with
The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board’s (“IASB”) new global accounting standards. To ensure they have the information ready and organized to meet and comply with these standards, organizations need to start preparing now.
At the moment, operating leases are reported off balance sheet and disclosed in the footnotes of the financial statements. However, organizations will be required to
capitalize operating leases and disclose them in their balance sheets as assets and liabilities.
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