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Leases

GAAP Part 4.8 Leases Exception

Exception 08 - Leases

Were any Lease Modifications made? Modifications are made if there are alterations to the contracts that result in scope or consideration changes. *
Exception does not apply.
Due to complexities regarding the adoption of the new leasing standard (ASC 842), it is advised that a professional be contacted regarding the types of assets and liabilities arising from a change in lease terms. Once the scope of the changes are determined, enter any needed fair valuations below, as well as any new accounts arising from newly separated contracts (if applicable)