Commercial Lease Insights

Money-Saving Advice for Tenants From SVP Ed Muna

Private Companies Prepare for Upcoming Lease Accounting Changes

on February 12, 2019

In less than a year, private companies will need to implement a new accounting standard for the reporting of lease obligations. The new standard, ASC 842, was issued by the Financial Accounting Standards Board (FASB) in 2016 and goes into effect in January 2020 for private companies. ASC 842 now requires lessees to record lease obligations that are longer than one year on the company’s balance sheet as a Lease Liability and a Right-of-Use Asset. Prior to the change, these obligations were only recorded on the income statement.

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About this Author

Ed Muna

As senior vice president, Ed Muna leads Hughes Marino’s Lease Administration and Audit Service divisions, and represents tenants across the country and around the globe in their transactions for commercial space. Ed has many years of experience digging deep into leases on both the landlord and tenant side. His broad expertise and eagle eye have helped countless tenants save money on their leases, and address issues that arise during their occupancy.

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