Accounting & Auditing

FASB and MACPA announce new resources for leasing standard

The Financial Accounting Standards Board has released a five-minute video to help constituents understand and implement its new leasing standard.

The video, "Putting Leases on the Balance Sheet," featuring FASB Board Member Daryl Buck and FASB Senior Project Manager Danielle Zeyher, provides a plain-English, high-level overview of key issues in implementing the standard on leases (Topic 842 in FASB's Accounting Standards Codificaiton). In the words of the FASB, the issues covered in their newest video include: 

  1. the scope of the new standard;
  2. what's changing, or not changing; and
  3. how easy it is to put it on the balance sheet.  

More from FASB
On the third point in the outline above, "how easy it is to put it on the balance sheet," a five-minute video is meant as a broad introduction, but there is clearly more required to implement the standard than can be expressed in the video. The FASB released additional tools and resources previously, including a one-hour FASB in Focus: Accounting Standards Update on Leases, originally broadcast on March 29. We list additional FASB resources in our earlier posts, "FASB's new leasing standard: three things to do now" and "FASB releases leases standard, driving on-balance sheet treatment for lessees."  

MACPA events emphasize practical implementation issues
As part  of its mission to help CPAs in audit firms, business and industry connect, protect and achieve, the Maryland Association of CPAs is offering a number of events, including a deep dive on practical implementation issues for companies as they gear up to implement the new leasing standard and coverage of the new leasing standard and other accounting developments. Here are key events to learn more about the leasing standard: