Taking Care of Business Series

Changes to Operating Leases and Their Impact on Business Operations

For private companies and non-profit organizations, your 2022 and later financial statements will show a significant change in how your operating leases appear. This change will improve financial reporting and transparency of leasing obligations. You’ll see these changes on the balance sheets and footnotes if you require a financial statement. Because of these changes on the balance sheets, you may need to reevaluate covenants. Matthew Luckman, CPA at JAK + Co., will walk through what these changes mean for your business and what action business owners need to take.

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