Question: FASB Codification website - In 2016, the FASB issued new guidance that drastically changed lease accounting. Log into the codification website (Login info posted on

 FASB Codification website - In 2016, the FASB issued new guidance

FASB Codification website - In 2016, the FASB issued new guidance that drastically changed lease accounting. Log into the codification website (Login info posted on Canvas) and locate the related Accounting Standards Update (Hint: ASU 2016-02). Download the ASU and use it to answer the following questions (Don't be overwhelmed by the size of the document. The point of the activity is for you to use the Codification website to locate guidance. The "Summary" section in the first few pages is more than enough): 1. When is the standard effective and which companies are affected? 2. What were the most significant changes made? 3. According to the FASB, what were the main reasons for issuing the ASU

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