ACC 557
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).
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Order Paper NowThe 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.
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