Thomson Reuters has released an overview of the Financial Accounting Standards Board's (FASB) proposed accounting standards for leases.
The report is designed to help accounting practitioners prepare their business clients for adoption of the Proposed Accounting Standards Update No. 2013-270, Leases (Topic 842), a revision of the 2010 proposed FASB update.
"The proposed changes are a seismic shift in lessee accounting for operating leases", says Anne-Lise Vivier, senior analyst at Thomson Reuters and author of the report. "All leases would be required to be capitalized, which would have a significant impact on reporting and documentation requirements for lessee preparers."
The Thomson Reuters Checkpoint report, which features concise descriptions and analyses, can be downloaded online at no charge.
The report covers topics such as:
- Scope of the new guidance on leases
- Definition and classification of a lease
- New accounting models for lessees and lessors
- Measurement of lease transactions
- Presentation and disclosure provisions
- Sale and leaseback transactions
The report is an example of the practical, insightful information available on Thomson Reuters Checkpoint, the industry-leading and award-winning online service that provides research, news, analysis, and productivity tools to tax, audit, accounting, legal, trade, and finance professionals.
Thomson Reuters also offers guidance and training on lease accounting standards. Continuing professional education on this topic includes: Proposed Changes in Accounting for Leases & Other Significant Proposals and Accounting for Leases. Guidance offerings include: Accounting and Auditing Update Service, GAAP Reporter with FASB Codification, PPC's Guide to Real Estate, and PPC's Practice Aids for Real Estate.
Source: June 10, 2013, Thomson Reuters Press Release