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Impact of Financial Accounting Standards Board FASB Accounting Standards Upda
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Impact of Financial Accounting Standards Board FASB Accounting Standards Update ASU ACC 557 Impact of Financial Accounting Standards Board (FASB) Accounting Standards Update ASU 20... 16-02 Leases Strayer University ACC 557: Financial Accounting Summarize the impact of ASU 2016-02, Leases on the recording of leases. On 25 February 2016, Leases (Topic 842) were released by the FASB, the Financial Accounting Standards Board (FASB). The FASB had spent several years discussing the complaints of users of previous leases with accounting standards by not meeting the financial statement usage criteria. Since the current lease standard would affect all entities engaging in lease deals, the criteria would have a broad consequence on the financial records. The crucial distinction between the former regulation and ASU 2016-02 is the recognition of an RTU and lease obligation for all formerly listed as functioning leases in the old guidelines in the financial status statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [Show More]
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