Following FASB’s issuance of Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), in 2016, GASB issued Statement No. 87, Leases, in June 2017, to become effective for reporting periods ...
Generally accepted accounting principles dictate that rent expense should be shown on the financial statements of a business as a consistent amount from month to month. In accounting parlance, that's ...
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