PricewaterhouseCoopers has released a quick overview of the Financial Accounting Standards Board’s lease accounting standard.

PwC’s “10 Minutes on the new US lease standard” offers a short take on FASB’s lease accounting standard, including how the new rules will have an impact on the way companies record leases and what areas of business could be affected the most, including the treasury, IT, operations, tax and regulatory compliance divisions.

The paper also lays out six steps to prepare for the new standard, including assessing systems, processes and resources. PwC’s paper also provides some tips for how to determine whether contracts fit the definition of a “lease,” how the new standard could shift some key financial metrics, and how to time the transition to the new leasing standard given the separate set of changes under FASB’s new revenue recognition standard.

To access the information, click here, or to download a PDF version, click here.