PROGRAM DESCRIPTION

In February 2016, the FASB issued its new accounting standard update on Leases referred to as ASU No. 2016-02, Leases (Topic 842). The new leases standard update will increase transparency and comparability among organizations that lease buildings, equipment and other assets by recognizing the assets and liabilities that arise from lease transactions and disclosing key information about leasing arrangement.  Basically, current off-balance sheet leasing activities will be required to be reflected on balance sheets so that users of the financial statements can more readily and accurately understand the rights and obligations associated with these transactions.