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NEW LEASE STANDARD New Rules Topic #1 October 2016 UpdateNational Financial Consulting Group Lease by Any Other Name... Fasts new lease standard Topic 842 issued on February 25, 2016, includes a new

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How to fill out new lease standard

01

Read and understand the new lease standard guidelines

02

Gather all necessary lease information such as lease agreements and relevant documentation

03

Identify any lease contracts that fall within the scope of the new lease standard

04

Assess the lease term, lease payments, and any options or extensions

05

Determine the discount rate that should be used to calculate the present value of lease payments

06

Calculate the right-of-use asset and lease liability for each lease contract

07

Recognize the right-of-use asset and lease liability on the balance sheet

08

Amortize the right-of-use asset over the lease term

09

Recognize interest expense on the lease liability

10

Provide appropriate disclosures in the financial statements

Who needs new lease standard?

01

Publicly traded companies

02

Private companies that are planning to go public

03

Companies that lease significant assets such as office spaces, manufacturing equipment, vehicles, etc.

04

Companies that have lease contracts with terms longer than 12 months

05

Companies that want to improve transparency and provide better information to investors and stakeholders

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What is new lease standard?

The new lease standard refers to the updated accounting rules that require companies to recognize lease obligations on their balance sheets.

Who is required to file new lease standard?

Companies that enter into lease agreements must comply with the new lease standard.

How to fill out new lease standard?

To fill out the new lease standard, companies must accurately record their lease obligations and related expenses on their financial statements.

What is the purpose of new lease standard?

The purpose of the new lease standard is to improve transparency and provide investors with a clearer picture of a company's financial health.

What information must be reported on new lease standard?

Companies need to report their lease obligations, assets, and expenses in compliance with the new lease standard.

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