As discussed in a previous blog post on February 25, 2016, the FASB issued a new standard on Leases (ASC 842) which absent early adoption (which is permitted) will take effect for nonpublic companies in 2020. This update comes after a study and deliberation period of almost ten years.
There was an original goal to align U.S. and International accounting standards on this issue but in the final result there still are some differences. This blog post will discuss the accounting for lessees as non-profit organizations generally do not lease property to others in commercial transactions except for the occasional …read more
Read more here:: Nonprofit