Do you agree or disagree with this assessment below towards the new 2023 Convergence of Accounting Standards and the financial statements of Barnes & Noble?

After reviewing the new 2023 Convergence of Accounting Standards and the FY22 financial statements of Barnes & Noble Education, Inc. (BNED), I think that two standards that may have the greatest influence on the company's future financial reporting are:

Leases (Topic 842): This standard requires lessees to recognize a right-of-use asset and a lease liability for all leases on the balance sheet. It also requires lessees to classify leases as either operating or finance leases and to present the related expenses and cash flows differently in the income statement and the statement of cash flows. This standard may have a significant impact on BNEDs future financial reporting because BNED has a large number of lease contracts for its retail stores, warehouses, and offices. According to the FY22 annual report, BNED had total lease liabilities of $1.2 billion and total right-of-use assets of $1.1 billion as of May 1, 2021. The adoption of this standard may affect BNEDs leverage ratios, liquidity ratios, return on assets, and earnings per share.

Liabilities (Topic 405): Which is a standard that clarifies the accounting and reporting guidance for contingencies that give rise to a liability. It also provides guidance on the recognition, measurement, and disclosure of liabilities arising from legal settlements and investigations. This standard may have a slight impact on BNEDs future financial reporting because BNED may be involved in various legal matters and claims that could result in liabilities. According to the FY22 annual report, BNED had accrued liabilities of $8.9 million for legal settlements and other contingencies as of May 1, 2021. The adoption of this standard may affect BNEDs liability recognition and measurement, income statement classification, and footnote disclosures.