| A Look at FASB Lease Accounting |
In February 2016, Financial Accounting Standards Board (FASB) finally issued an amendment to Accounting Standards Codification (ASC) by creating Topic 842 - Lease update. Similarly, the International Accounting Standards Board (IASB) issued their version of the update called IFRS 16.
These updates were the result of a joint initiative by both boards to increase transparency and comparability among organizations.
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