Bloomberg BNA has published a special report to help accountants prepare for the Financial Accounting Standards Board’s new leasing standard.

The 24-page report explains the impact of the new accounting standard on leasing equipment and other assets. 

The report was written by Joseph P. Sebik, director of tax reporting for Siemens Financial Services and author of numerous other Bloomberg BNA Portfolios on leasing.

“The new lease accounting standard represents a paradigm shift in lessee accounting by requiring lessees to record assets and liabilities for all lease transactions,” Sebik said in a statement. “Leasing, however, will remain a very viable financing mechanism albeit changed in response to the new standard. In particular, lessees may want to restructure some existing leases as well as change the structure of future leases to minimize the liabilities they must report in their financial statements. They will also need to assess their administrative capabilities and plan for new systems to handle the new lease accounting requirements.”