ValuD: What is FASB and why should you care?


You’ve been hearing a lot about it over the past couple of years, but it’s here to stay. That’s right, we’re talking about the new lease accounting standards. Nearly a decade ago, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) came together to establish a new set of accounting standards that would provide greater transparency and comparability in financial reporting. It has taken awhile, but the new lease accounting standards have been released. We are here to help you by answering a couple of the most frequently asked questions.

What is FASB?

The Financial Accounting Standards Board and the International Accounting Standards Board worked together on converging the leasing standard…

What leases are impacted by these changes?

All leases are impacted by the new standards, not just real estate leases. Think equipment and vehicle leases. The only exceptions to this are…

Why should you care?

About 85% of leases aren’t currently reported on balance sheets globally. This makes it extremely difficult for investors to accurately analyze…

What should you do about it?

Data and technology are key areas to aide in compliance with the new lease accounting standards. Companies should start centralizing…

[Admin: To see other related posts, use the FASB tag.]

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2 thoughts on “ValuD: What is FASB and why should you care?

  1. Pingback: ValuD: Five steps to FASB lease accounting readiness | TRIRIGAFEEDIA

  2. Pingback: ValuD: Finding the budget for FASB lease accounting | TRIRIGAFEEDIA

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