FASB has develop new accounting standards for accounting forleases. These new standards are not covered in your text book.Research the new FASB Lease Accounting Standards and answer thefollowing questions:
1. Why did FASB develop new lease accounting standards?
2. How will accounting for leases change under these newstandards?
3. When will the new standards take effect?
4. How will the changes effect companies who lease assets/
5. Based on your reading and research do you think companies areprepared for these changes?
Submit a paper containing your answers and observationsconcerning these questions and suggestions you would make tocompanies who are preparing to implement the new standards.
