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Help Your Clients Make the Right Policy Elections with the Upcoming Lease Accounting Standard

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Now is the time to help your clients make the best lease accounting policy decisions. The next few months of implementation planning are critical--your clients’ decisions will impact both transition and day one accounting. Use this guide to help clients make the right policy elections for them, including:

    • Whether to apply the standard to short-term leases
    • Accounting for lease and nonlease components as a single lease component
    • Using the risk free rate instead of an incremental borrowing rate
    • Defining major part and substantially all by asset class
    • Financial statement presentation elections for lease assets and liabilities
    • Practical expedients that apply to leases that commenced before the standard’s effective date

 

CPA Firms: Help your clients