FASB issued ASU 2016-02 Leases – Part I

After nearly 10 years of debate, the FASB issued ASU 2016-02, Leases (Topic 842) in February of 2016. This course if the first of a two part series that takes a deep dive into the changes. Presenters discussed the updated definition of a lease and then analyzed how to initially record the lease. Presenters also reviewed the lease classification requirements.