Study ASU 2016-02 Leases and ASU 2014-09 Revenue Recognition and conduct additional research, where needed, to address

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Question:

Study ASU 2016-02 Leases and ASU 2014-09 Revenue Recognition and conduct additional research, where needed, to address the following:

1) Briefly describe the concepts discussed in both ASUs. Include effective dates for nonpublic business entities. Focus especially on changes relevant to small and medium-sized nonpublic businesses.

2) Considering ASU 2014-09 Revenue Recognition, are there steps that nonpublic reporting entities need to take now, if they have not already done so? Explain.

3) How should entities prepare for implementation of ASU 2016-02 Leases? Explain.

4) Are there any other ASUs with open effective dates that have a likelihood of impacting the financial statements of small and medium-sized nonpublic businesses?

5) Research pending FASB activity related to small and medium-sized private businesses.