Question
The FASB's revised standard on leases, ASC 842, was effective for public companies beginning 2018. One significant implication of this standard is that operating leases
The FASB's revised standard on leases, ASC 842, was effective for public companies beginning 2018. One significant implication of this standard is that operating leases that were previously kept off the balance sheet are now required to be recorded on the balance sheet. Do you agree with the FASB's decision to move operating leases to the balance sheet? How does this change affect audit procedures?
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Answer The FASBs decision to move operating leases to the balance sheet through the implementation of ASC 842 has been widely debated and opinions on the matter vary Here are some arguments both in fa...
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Auditing & Assurance Services A Systematic Approach
Authors: William F Messier Jr, Steven M Glover, Douglas F Prawitt
11th Edition
1260687635, 1259969444, 9781259969447, 978-1260687637
