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December 19, 2018

FASB proposed an Accounting Standards Update to address potential lessor implementation issues in the context of the Accounting Standards Update No. 2016-02 on Leases (Topic 842). FASB also proposed Taxonomy improvements on Leases (Topic 842): Codification Improvements for Lessors. Stakeholders are encouraged to review and provide comment on the proposal by January 15, 2019.

The proposed Accounting Standards Update aligns the guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers in Topic 842 with that of the existing guidance. Consequently, the fair value of the underlying asset at lease commencement is its cost, reflecting any volume or trade discounts that may apply. However, if there has been a significant lapse of time between when the underlying asset is acquired and when the lease commences, the definition of fair value (in Topic 820, Fair Value Measurement) should be applied. The proposed Accounting Standards Update would also require lessors within the scope of Topic 942, titled "Financial Services—Depository and Lending," to present all “principal payments received under leases” within investing activities.


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Comment Due Date: January 15, 2019

Keywords: Americas, US, Accounting, Accounting Standards Update, Leases Standard, Taxonomy, Reporting, Topic 842, IFRS 16, FASB

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