Companies Should Update Lease Accounting Systems, Experts Advise

Companies Should Update Lease Accounting Systems, Experts Advise

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With the timetable for the Financial Accounting Standards Board’s new leasing standard all but nailed down, corporate lessees should start updating their lease accounting systems to cull the documentation needed to comply with the new rules, according to a number of sources.

On Wednesday, the board voted to proceed with the standard, which would require companies to include lease obligations on their balance sheets. The final Accounting Standards Update is expected to be published in early 2016.

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