It was Feb. 25, 2016 when new lease accounting standard were released by the U.S. Financial Accounting Standards Board. Now, it's 2018, and the new rules will take effect for public companies yet this year, on Dec. 15.
Test Your Lease Accounting I.Q.
Private companies have an additional year to make preparations, but businesses in general need to consider whether they are ready.
With new lease accounting rules on the horizon, are you prepared? If not, you can start working on it now by taking a quiz created by the Equipment Leasing and Finance Association.