FASB's Leases: How do I implement that?

FASB’s Leases standard (FASB ASU No. 2016-02, Leases (Topic 842), effective, as amended, for most NFPs for fiscal years beginning after December 15, 2021) allows not-for-profit entities (NFPs) several practical expedients and accounting policy elections. It is important to understand that while these choices could simplify implementation, they also could affect the amount of liabilities recognized.

This article and accompanying infographic identify two illustrative implementation workflows: a “fast track” and a “slow track.” If your NFP takes the fast track,