Councilor, Buchanan & Mitchell’s (CBM) quick reference resources are high-level insights about critical issues and concerns facing your organization. CBM’s accounting advisory group is available to help you implement solutions.
The new lease standard is intended to account for all lease obligations on financial statements, rather than excluding operating leases as has been the standard. This change ensures that a company’s financial situation is reflected as accurately as possible within the financial statements.
With the new standard, all leases must appear on the balance sheet as a Right of Use and Lease ASSET and Lease LIABILITY.
There is a potentially significant impact to your organization’s balance sheet.
The steps to implementing the new lease standard are complex. We are here to help. This process will take time and CBM plans to begin the process by mid-2022.
CBM will help create the scope of your implementation process and execute:
CBM’s Accounting Advisory group: Our goal is to make running the back end of your business look easy, so that you can focus on what matters most. Our experts in business strategy, markets, audit and tax will partner with you to set and exceed your organization’s goals.
Please contact Dominick Bellia via our online contact form for more information.
Councilor, Buchanan & Mitchell (CBM) is a professional services firm delivering tax, accounting and business advisory expertise throughout the Mid-Atlantic region from offices in Bethesda, MD and Washington, DC