FASB's new lease standard requires lessees to recognize all leases with terms greater than 12 months on their balance sheet as lease liabilities with a corresponding right-of-use asset. After deferrals, this new standard is effective for fiscal years ending on or after December 31, 2022 for all private companies and private nonprofits. Host Damien Martin caught up with FORVIS' John Kmetz and Phil Laminack to discuss the new standard and share tools and guidance for both the accounting and tax considerations for companies starting the implementation process. Here's what they cover:

• Get to know John and Phil @01:17
• The new lease accounting standard @03:40
• Adopting the standard @06:14
• Tax considerations @08:51
• Tax planning & traps for the unwary @12:16
• Advice for adopting & discussing the standard with stakeholders @16:01
• How to get some help @20:25
• Lessons learned from those who have already adopted the standard @23:53
• Closing thoughts & ways to learn more @25:13

ADDITIONAL RESOURCES

• Webinar: Implementing Leases: A Practical Approach, Challenges & Opportunities (October 6, 2022)
• Resource center: FORVIS Lease Accounting Resource Center
• Podcast: Simply Tax Episode 86: Tackle the New Lease Standard (February 3, 2020)

Learn more about our guests and get additional resources here!

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