UR The Financial Accounting Standards Board (FASB) has issued new lease accounting guidelines that will directly affect operating leases with terms exceeding 12 months, particularly in areas with contractual / embedded lease agreements.
If you have any lease contractual agreements originating outside of Treasury, Real Estate, IT or are unsure if you manage a lease, please contact us at URLeaseAdministration@ur.rochester.edu. The UR Lease Administration team will follow the necessary steps and action to ensure those affected by the new standard are well informed and guided through a smooth transition process.
For more information and the timeline that follows this project, visit: http://www.rochester.edu/adminfinance/urfinancials/ur-lease-administration-project/. If you have any questions or concerns, contact us at: URLeaseAdministration@ur.rochester.edu.