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Expert Analysis

Got Leases? Beware Bank Covenant Breaches

Law360, New York (March 30, 2016, 4:01 PM EDT) -- The future is finally certain for lease accounting. After almost a decade of discussions, the Financial Accounting Standards Board released Accounting Standards Update No. 2016-02, Leases (Topic 842) (the ASU) on Fe. 25, 2016.[1] The ASU impacts any company that leases assets, as it requires operating leases be placed onto the balance sheets of lessees. Borrowers need to be aware that this mere accounting change could cause a violation of a loan document covenant —without any change in the company's financial condition....

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