1. Essay contrasting the former lease accounting rules with those under the recently adopted ASC 842 pronouncement, including:

• A brief summary of how accounting rule changes such as this are done
• Give an example how a transaction would have been recorded vs how it is to be done now under the new rules as part of your discussion on the change itself.
• Explain the specific rationale for this change in rules.
• Discuss the significance of the impact of the rule change especially to companies that have relied heavily on operating leases in the past.