Posts by Ed Muna

Deadline Quickly Approaching for Private Companies to Adopt the New Lease Accounting Standard, ASC 842

on February 06, 2020

We are now in the final stretch for private companies to meet the deadline for the implementation of the new accounting standard, ASC 842. Issued by the Financial Accounting Standards Board (FASB) in 2016, ASC 842 goes into effect in January 2021 for private companies, and requires businesses to record lease obligations that are longer than one year on the balance sheet as a liability and asset. Prior to the change, these obligations were only recorded on the income statement.

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About this Author

Ed Muna

Ed Muna is a senior vice president of Hughes Marino, an award-winning commercial real estate company specializing in tenant representation and building purchases with offices across the nation. Ed heads Hughes Marino’s Portfolio Lease Administration & Advisory Services team and helps tenants address issues that arise during their occupancy. Contact Ed at 1-844-662-6635 or ed@hughesmarino.com to learn more.

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