The new standard requiring all leases longer than 12 months to be recorded on balance sheets is now in effect for nonpublic companies with a fiscal year beginning after Dec. 15, 2021.

To implement the new standard, organizations must identify all leases and book them as liabilities and right-of-use assets, which will have significant impacts on the balance sheets of many organizations.

While this may sound daunting, don't worry! There are tips and tools to simplify implementing the new standard.