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What In-House Counsel Should Know About the New Lease Accounting Standards
New accounting laws are in the final stages of being enacted. What does this have to do with in-house counsel? For companies with significant space or equipment leases, it is conceivable that the CFO, already reeling from a potential double-digit decline in revenues, will inquire why the company is now in default on its loans. Are you prepared to respond?
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are working together to finalize new accounting practices related to operating leases. In August 2010, the two boards jointly issued an Exposure Draft (ED) of the proposed new standards.
While it's still uncertain which aspects of the ED will be included in the final lease accounting rules, it is certain that the new rules will significantly impact many companies. All industries will have some repercussions due to the rule changes, though the most significant impact may be felt in the retail, real estate, food, airline and financial services industries. If your company is in one of these industries or leases space or equipment, you need to know the new lease accounting rules.
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