Writing Assignment #2 New Leasing Standard

You are a controller at Jet Cheap Airlines. Your company leases all of the airplanes from Boeing and Airbus. Recently the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842). Your CEO has requested you write a memo to her discussing the major differences between the current accounting standard and the newly issued standard. Reference the slide deck included in the folder where you found the instructions as well as the FASB document.

In your memo include the effective date of the standard.