FASB has develop new accounting standards for accounting for leases. These new standards are not covered in your text book. Research the new FASB Lease Accounting Standards and answer the following questions:

1. Why did FASB develop new lease accounting standards?

2. How will accounting for leases change under these new standards?

3. When will the new standards take effect?

4. How will the changes effect companies who lease assets/

5. Based on your reading and research do you think companies are prepared for these changes?

Submit a paper containing your answers and observations concerning these questions and suggestions you would make to companies who are preparing to implement the new standards.