The proposed changes to lease accounting are significant and may have a major impact on companies' accounting.
Chicago, IL (PRWEB) June 05, 2013
The proposed lease accounting guidance may have significant implications on business plans and overall strategies, and virtually any area that is affected by financial condition or results of operations. There are myriad practical and business implications entities should begin evaluating to ensure an orderly transition and prevent costly oversights.
Baker Tilly Virchow Krause (Baker Tilly) has published an educational article, Revised lease accounting exposure drafts released, to help executives understand the changes to lease accounting proposed by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB).
"The proposed changes to lease accounting are significant and may have a major impact on companies’ accounting," said Christine Anderson, CPA, CITP, Managing Partner - Assurance at Baker Tilly. "It is important to understand these proposed changes and how they may affect your organization."
"Revised lease accounting exposure drafts released" is available on the Baker Tilly website and includes information on the following:
- Overview of the changes proposed
- Dual-recognition approach
- More than insignificant determination
About Baker Tilly
With more than 1,600 employees, Baker Tilly provides a wide range of accounting, tax, and advisory services. Ranked as one of the top 20 largest firms in the country*, Baker Tilly serves clients from offices in Chicago, Detroit, Minneapolis, New York, Washington DC, and throughout Wisconsin.
Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 125 countries, with more than 24,000 professionals. The combined worldwide revenue of independent member firms exceeds $3 billion.
*According to the 2013 Accounting Today “Top 100 Firms.”
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