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Daily Archives: August 24, 2020

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Accounting for Lease Concessions Due to COVID-19

NewsBy Jason SchultzAugust 24, 2020Leave a comment

The COVID-19 pandemic has created significant economic hardships for individuals and businesses. As a result, some have received concessions related to the payment of lease obligations. The Financial Accounting Standards Board (FASB) has issued a Q&A document to provide guidance regarding the accounting for these scenarios. Because the effective date of the new lease accounting…

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