As we approach the end of 2021, it is time for contractors to get serious about FASB ASU 2016‐02, Leases (ASC 842). The contractor’s focus should be on the impact the lease standard will have on the company, specifically bank and surety considerations, as well as specific attributes of the standard such as embedded leases, related party leases, and consolidation (when there is a variable interest entity (VIE)) and how to apply the lease accounting standard to these situations. This whitepaper will provide further insight to some of the key areas that you should be aware of when implementing the new standard.
A full copy of the comprehensive guide can be downloaded here.
