Crane Hot Line published a guest column by Partner Robert Mercado and Senior Manager Michelle Scarpone, on the effect of the ASU 842 new leasing standard
Crane Hot Line
By Robert Mercado, Partner, Assurance Services & Michelle Scrapone, Director, Assurance Services
Excerpt:
ASU-842 will create new transparency on the contractor’s financial statement, revealing the assets and long-term obligations of the company, as compared to the current practice of recording these agreements as off-balance sheet events. Contractors should begin preparing for the new standard now, by reviewing and analyzing their current leases, rental agreements and contracts.
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