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The new lease standard for non-public business entities is approaching fast. Priya Singleton, a Quality Control Officer at Blue and Company, is providing key information in a series of videos. Key points include the standard being effective for fiscal years starting after December 15, 2021, impacting private companies with a 12/31 year end in 2022. The standard applies to leases of property, plant, and equipment, with some exceptions. The significant change is that lessees must now record a lease liability and corresponding asset on their balance sheet for virtually all leases.