It’s finally time for companies to change their ways in how they report leased office equipment, buildings, vehicles, and a myriad of other business assets.
New Financial Accounting Standards Board rules that change how companies keep track of leased property take effect for public companies Jan. 1.
The rules for the first time require companies to report the value of lease obligations and leased assets on the balance sheets of their financial statements. The changes will have worldwide effects because of how companies record and track those leases.
Securities and Exchange Commission officials, other regulators, and standard setters have warned...