Now that the Financial Accounting Standards Board has released its long-awaited lease accounting standard, companies and their accountants will need to get ready to put their operating leases on the balance sheet.

Companies will need to inventory all the leases that are currently out there as operating leases and then calculate the asset and liability amounts at the date of adoption in order to include them on the balance sheets, according to Jared Rosen, a director at the Baltimore accounting firm Ellin & Tucker.

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