What Can CPA Firms Do Now To Help Clients With Policy Decisions in the New Lease Standard?

May 14, 2018 at 9:00 AM / by LeaseCrunch® posted in CPA Firms, Lease Components, New Lease Standard, LeaseCrunch®

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Policy elections that must be made under the new lease accounting standard are a critical part of implementation planning. They impact your clients’ future accounting and financial statement disclosures and your clients may not have even considered them yet. For example:

  • Do they understand the difference between lease and non-lease components?
  • Do they know that there is a short-term lease exception available?
  • Do they know how they want the presentation of lease assets and liabilities on their statement of financial position to appear?
  • Do they know that there are a number of practical expedients available that can save them time, but that they must elect them?
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