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FASB Consulting

FASB lease accounting standards are changing.

Is your company ready? FASB recently released an Exposure Draft (August 2010) detailing major changes in lease accounting standards. The proposed changes will impact both landlords and tenants in ways that will have dramatic impacts on the balance sheet. The proposed changes seek to capitalize all material leases on the lessee’s books. The concept is for the lessee to account for the lease contract’s rights and obligations as assets and liabilities by capitalizing the lease as an asset and liability on the balance sheet. Tenants will estimate the longest likely lease term and lease payments, including renewals and contingent rents, and then record the present value (using the lessee’s incremental borrowing rate) as an asset and a liability. As a result, what is classified today as monthly rental expense will in the future be recorded differently on the income statement as depreciation and interest expense. The net result of these changes will mean significantly higher expenses in the earlier term of most leases.

AMTdirect’s Professional Services Group (PSG) can assist you in understanding the coming rules changes, as well as their impacts on your portfolio and how you’ll best manage it in the future.