Assignment 1: Impact of Financial Accounting Standards Board (FASB) Accounting Standards Update ASU 2016-02 Leases
Due Week 8 and worth 250 points
Accounting is the language of business, and it is not a dead language! The FASB is responsible for ensuring that all relevant and material financial information is properly codified in Generally Accepted Accounting Principles (GAAP).
The use of off balance sheet leases to distort the real liabilities of companies is a topic of long-lived concern. ASU 2016-02, Leases, is the most recent action of FASB to address this issue.
For this assignment you will select a company of your choice or use one (1) of the companies you researched in your weekly discussions to write a six to eight (6-8) page report in which you:
- Summarize the impact of ASU 2016-02, Leases on the recording of leases.
- Discuss at least three (3) elements featured in the current information reported by your chosen company for its leases.
- Analyze the impact of the new standard on the reporting of your chosen company’s leases.