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The new lease standard for non-public business entities is approaching quickly. In this video series, Priya Singleton, a quality control officer at Blue and Company, discusses essential information Alessi needs to know about the new lease standard. The standard is effective for fiscal years starting after December 15, 2021. It applies to leases of property, plant, and equipment, excluding assets like intangibles, inventory, and certain natural resources. The significant change is that lessees must now record a lease liability and corresponding asset for almost all leases on their balance sheet.