It may, or may not be news to you. The Financial Accounting Standards Board (FASB) newly-established standards for office leases takes effect in 2019. (the link will provide more details)
For office leases with 12-month terms or longer, businesses now have to report these leases as both assets and liabilities on balance sheets. This changes the categorization of the lease as a debt (liability) rather than an expense, affecting taxation in kind.
Professionally-managed and secure options for less than 12 months (plan now)
The silver lining to this news is that there are now more professional office options than ever for your teams, including shared office space or coworking spaces, just as we offer at LifeWorking Coworking in Lake Forest.
In fact, answering the increased demand for this type of space is on our radar as well. LifeWorking Coworking is looking to expand in Chicagoland in 2018 to reach more members, enabling their most productive marginal minute. We are following our own tag line to “Live Life. Do More.” and want to share this vision across the city.
Flex and coworking spaces can help you meet the FASB standards – you’ll find terms as short as 6 months for full-time office space. LifeWorking Coworking amplifies this with enterprise-grade Internet security and professionally managed space, including FREE coffee!
Solving for this upcoming change has become easier than ever. Stop in to view our workspace and community environment. We encourage you to Come In – Sit Down – Get to Work