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Implementing Lease Guidance for Hospitals

July 28, 2022
Implementing Lease Guidance for Hospitals

New lease accounting standards ASC 842, GASB 87 and GASB 96 require healthcare organizations to track various leases on the balance sheet. Applying these changes may be challenging, especially for companies with many or complicated leases.

For GASB entities, the pronouncement is effective for fiscal years beginning after June 15, 2021. Therefore, if you are a GASB 6/30 year-end, your FYE 6/30/22 financial statements should account for lease standard changes. For FASB hospitals, the pronouncement is effective for fiscal years beginning after December 15, 2021. Lutz experts provide guidance and tips for implementing the new lease standards to help providers remain compliant.

 

Key Takeaways:

  • Overview of New Lease Standards ASC 842, GASB 87 & GASB 96
  • Implementation Guidance, Tools & Resources
  • Financial Statement Examples Under New Standards

 

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