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The Changing Landscape of Lease Accounting for Nonprofits (ASAE Dollars and Cents, May 2011)
|Gelman, Rosenberg & Freedman CPAs is a member of CPAmerica International, an association of CPA and consulting firms that provides industry knowledge including insightful articles, to help member firms serve clients and other individuals and organizations.|
May 6, 2011
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The Financial Accounting Standards Board and the International Accounting Standards Board put in place new regulations in 20102 that would replace the bight-line-based model of lease accounting with the right of use model. One effect of this is that lessee will likely need to record liabilities. This article by Audit Partner Jim Larson explains this change and others that nonprofits will have to consider to comply.
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