Transition Lease Accounting

Alex Klein, CPA – Solution Consultant, LeaseAccelerator

Alex Klein, CPA and solution consultant from LeaseAccelerator, discusses the key considerations for applying transition accounting for the new leasing standards. He discusses the various policy elections and practical expedients as well as the requirements for software applications to support multiple general ledgers and comparative reporting.

Note: This video was recorded prior to the March 7, 2018 decision where FASB voted to provide a transition option to lessees allowing them to not present two years of comparative financial statements.