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Pandemic alters lease accounting landscape

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Jun 01, 2020

In addition to causing enormous disruption to health, safety, and the economy across the globe, the coronavirus pandemic has significantly altered the landscape for CPAs related to lease accounting.

The changes include a potential effective date delay of FASB's new lease accounting standard for certain entities, including private companies; a monumental increase in the number of lease modifications requested by lessees and granted by lessors; and the need for disclosures related to a company's lease accounting decisions in the new environment. Here's a closer look at lease accounting amid the coronavirus pandemic.

Review the article on the Journal of Accountancy's website.

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