Please answer these questions: 1. Why did FASB develop new lease accounting standards? 2. How will accounting for leases change under these new

Please answer these questions:

1. Why did FASB develop new lease accounting standards?

2. How will accounting for leases change under these new standards?

3. When will the new standards take effect?

4. How will the changes effect companies who lease assets/

5. Based on your reading and research do you think companies are prepared for these changes?