The Equipment Leasing and Finance Association released a host of user-friendly tools to help lessors and lessees prepare for the new lease accounting rules issued recently by the Financial Accounting Standards Board. The association is encouraging businesses to prepare now for the new rules, which take effect in 2019 for public companies and a year later for private firms.

ELFA’s educational resources provide a comprehensive look at the important elements of the new rules and what lessees and lessors should be doing now to plan for the transition. The resources reveal that although the rules will change how operating leases are accounted for on corporate balance sheets, they won’t diminish the many benefits of leasing and financing equipment.

“Now is the time to prepare for the transition to the new lease accounting rules,” said ELFA President and CEO Ralph Petta. “ELFA is pleased to offer new resources to help our members understand and plan for what’s in the rules and educate their sales teams, vendor partners and end-users about the changes.”