Lessee disclosure requirements and samples for NFPs

FASB Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), is effective, as amended, for most NFPs for fiscal years beginning after December 15, 2021. The new standards clarify and improve existing GAAP by requiring a more faithful representation of a lessee’s rights and obligations arising from leases. For not-for-profit entities, under the new standards, lease assets and lease liabilities will be recognized on the statement of financial position and key information about leasing arrangements will be disclosed. The amendments