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Follow on Google News | iLease Management LLC Releases Industry Report on FASB / IASB Lease Accounting ChangesThe Impact of the FASB/IASB Proposed Lease Accounting Changes on the Hospitality Industry
The latest update report is designed to help lessees within the Hospitality industry understand the complexities of the lease accounting changes and how they can better prepare for the transition that will be required once the new standards are finalized. Sean T Egan, Managing Partner of iLease Management LLC and author of the report states “The proposed changes of the converged FASB and IASB organizations will force lessees to re-evaluate their methods of lease management and accounting for all active leases. Lessees of both property and equipment leases would be required to adopt the “Right to Use” method of accounting, which would have a significant impact on key financial metrics, financial reporting, and debt covenants of lessees.” The update report covers topics such as: · - Background of the New Guidance on Leases · - Basic Provisions of the Revised Exposure Draft · - Reassessment · - Disclosures · - Transition and Effective Date · - Example and Financial Statement Analysis · - Recommended Next Steps iLease Management LLC has been monitoring and reporting on the FASB / IASB updates over the past two years. This report and additional informative whitepapers and articles can be found on the company blog at http://www.LeaseAccountingBlog.com End
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