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New Lease Standard ASC 842 and its Impact on Debt Covenants

Adoption of New Leasing Standards For private companies, the Financial Accounting Standard Board (FASB) lease accounting standard (ASC 842) will affect periods beginning after December 15, 2021 (calendar-year 2022). This standard brings many operating leases onto the balance sheet this year (2022) and could significantly impact a business’s financial statements, disclosures, and bank covenants. Most capital leases…

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