Some recent accounting changes have been turning leasing, a long-understood aspect of CRE financial and contracts, into potential new legal sand traps. For example, there may be implications for corporate real estate strategy under Financial Accounting Standards Board’s Accounting Standards Codification Topic 360, or ASC 360.

The Financial Accounting Standards Board’s Accounting Standards Codification 842, known as ASC 842, would be the controlling standard. According to Deloitte, ASC 842 lease modification guidance is new to US generally accepted accounting principles (GAAP).

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