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Lease Accounting Changes Complicate Auditor Quarterly Reviews (1)

April 8, 2019, 7:18 PMUpdated: April 8, 2019, 9:33 PM

Auditors are giving quarterly reports an extra dose of scrutiny this spring as companies shift to new lease accounting rules .

Companies are set to reveal balance sheets transformed by trillions of dollars’ worth of barges, warehouses and retail stores—operating leases long hidden among the footnotes and kept off the face of the financial statement—because of a new lease accounting standard that took effect Jan. 1.

Auditors will scrutinize the new accounting for leased assets and liabilities much more closely than they did under the old lease accounting rules that went unchanged for decades, said Bruce Pounder a technical accounting ...