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The Audit Connection Blog

Results for: Financial management

A lease agreement shown with a pair of eyeglasses and a pen

Are you ready for lease accounting?

November 19, 2019

Accounting and reporting standards and guidance for leases are changing for both GAAP and cash basis local governments, effective for fiscal years ending December 31, 2020, and after. Although you won’t be preparing your financial statements and notes until early 2021, those first lease payments under the new standard will begin to flow in January 2020. Will you be ready?