Directed to business executives, CFOs, Heads of nonprofit organizations, board members and the users of audit reports, our Accounting Matters newsletter provides readers with articles that can help financial professionals better understand the audit process and the benefits an audit can provide to their business.
Articles for March 2016
The Financial Accounting Standards Board (FASB) has issued its long-awaited update revising the proper treatment of leases under U.S. Generally Accepted Accounting Principles (GAAP). Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), will affect companies that lease real estate, vehicles, construction and manufacturing equipment, and other assets. The standard requires these businesses to recognize most leases on their balance sheets, potentially inflating their reported assets and liabilities.