Effective on January 1, 2019, calendar-year public business entities adopted the Financial Accounting Standard Board (FASB)’s Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), including numerous related amendments. While most companies have completed their analysis of the quantitative impact of the standard at adoption, questions may still exist as to how the information should be presented in the first quarter financial statements on Form 10-Q or for regulatory reporting on your financial institution’s call report.
In hopes to alleviate some confusion on how to fully incorporate the new guidance, we’ve created the below Guide complete with a leases disclosure checklist for your use.
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