The FASB's highly-anticipated leasing standard, Leases (Topic 842), was released earlier this year. Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months. Lessor accounting remains largely consistent with existing U.S. GAAP.
Below you will find an overview of the new standard from Michael Piessens, Lead Partner for MFA's Technical Accounting Advisory Practice. Within the video, Michael introduces the standard and offers insight regarding those who will be most impacted by its implementation.
For a more comprehensive guide, including Q&A and transition guidance,
access our whitepaper on the new lease accounting standard.