FASB Releases Guidance on Lease Accounting
On February 25, 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02 on leases. This standard will substantially eliminate operating lease accounting for leases with terms longer than one year.
The implementation date will be for periods beginning after December 15, 2019, so basically for 2020 calendar year end audits. Public companies’ implementation date is a year earlier.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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