Friday, June 17, 2016

Are Retailers Prepared for New Lease Accounting Standards?

A retailer can accomplish plenty in two and a half years, but 61.2 percent of industry professionals say they are concerned about their readiness to meet updated lease accounting standards from the Financial Accounting Standards Board (FASB), which are set to go into effect in 2019, according to a recent study by consulting firm Deloitte.

The updated accounting rules, released in February, call for financial and accounting professionals to bring detailed information about their companies’ operating leases onto the balance sheet. All data related to leases on stores, distribution centers and equipment will be affected.. . . more

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