Leases
Abstract
In early 2016, the Financial Accounting Standards Board issued updated leasing standards intended to improve the financial reporting of leases. The new standards require lessees to report leases with terms of more than 12 months to be on the balance sheet. The new FASB standards is anticipated to provide a more faithful representation regarding leases to investors and financial statement users. In this study, I will provide a brief discussion about the new leasing standards. Second, I will explore the role technology and information systems plays in overcoming the difficulties with adopting the new leasing standards. Lastly will be an exploration concerning the costs of implementing this new standard.