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FASB Issues Final Guidance on New Lease Accounting Standard

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It’s taken almost seven years, but the FASB today has issued the long-awaited lease accounting standard.   The FASB’s news release confirms that under the new guidance, any lease with a lease term of more than 12 months will have to be recorded as an asset and a liability on the balance sheet.  For most private companies this standard does not become effective until the year 2020.

http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FNewsPage&cid=1176167901466