Apple Growth Partners

Leasing Standards

Got Leases? Get Ready.

If you thought it was time to relax as summer winds down, guess again. It’s time for privately held businesses to get ready for the new accounting guidance for leases.  A lease liability for all future lease payments will be recorded for all leases under the new lease accounting guidance, even operating leases for buildings, cars, equipment – any leased asset. At its highest …

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New Accounting Standard for Leases (ASC Topic 842)

Effective Date for Private Companies and Most Nonprofit Organizations  In February 2016, the FASB issued Accounting Standard Update 2016-02 Leases (Topic 842) after many years of deliberation. The new accounting standard fundamentally changes accounting for leases, with the biggest impact on lessees – entities that lease property, equipment, and other assets. The new standard has been in effect for publicly traded companies since 2019. The FASB delayed the effective date …

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