A change in the way leases are reported on financial statements could cause private companies to have problems with their lenders.
The Financial Accounting Standards Board (FASB) issued new standards that require businesses to log leases as liabilities on their balance sheets, instead of listing them off balance sheet. Public companies were required to comply with these new rules on Jan. 1, 2019. Private companies are required to start complying with the new rules on Jan. 1, 2020.
Heather Winiarski,…
A change in the way leases are reported on financial statements could cause private companies to have problems with their lenders.
The Financial Accounting Standards Board (FASB) issued new standards that require businesses to log leases as liabilities on their balance sheets, instead of listing them off balance sheet. Public companies were required to comply with these new rules on Jan. 1, 2019. Private companies are required to start complying with the new rules on Jan. 1, 2020.
Heather Winiarski,…