FASB proposes lessor accounting amendments
FASB issued a proposal Monday that is designed to reduce costs and ease implementation of the new lease accounting standard for lessors
Proposed Accounting Standards Update, Leases (Topic 842): Narrow-Scope Improvements for Lessors, also aims to clarify a requirement in the standard that applies to lessor accounting.
Since the new lease accounting standard was issued in 2016, FASB has been monitoring feedback and assisting with implementation questions related to the standard. This dialogue led to the proposal issued Monday.
“This proposed accounting standard provides financial statement preparers relief and clarity in these areas and should help them implement the leases standard,” FASB Chairman Russell Golden said in a news release.
The proposal addresses:
Comments on the proposal can be submitted by Sept. 12 at FASB’s website.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.
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