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What In-House Counsel Should Know About the New Lease Accounting Standards

By Lance Dunkley

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.

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