The International Accounting Standards Board (IASB) and the Financial Standards Accounting Board (FASB) recently issued new accounting standards related to lease assets. For public companies following FASB standards, the effective date for implementation is for the fiscal year beginning on or after Dec. 15, 2018. For all other companies, the effective date of the FASB standard will be for the fiscal year beginning on or after Dec. 15, 2019.
Paul Azores is Vice President of Finance at ARI in Mount Laurel, New Jersey, the world’s largest family-owned fleet management company, managing nearly 1.5 million vehicles in North America, the UK and Europe. Visit http://www.arifleet.com.