FASB issued a proposed Accounting Standards Update (ASU) that is intended to reduce costs and ease implementation of the Leases standard for financial statement preparers. Comment on the proposed improvements are due by February 05, 2018.
The proposed ASU would simplify transition requirements and, for lessors, provide a practical expedient for the separation of non-lease components from lease components. The amendments would:
- Add an option for transition to ASU No. 2016-02, Leases (Topic 842), which would permit an organization to apply the transition provisions of the new standard at its adoption date, instead of at the earliest comparative period presented in its financial statements.
- Add a practical expedient that would permit lessors to not separate non-lease components from the associated lease components, if certain conditions are met. This practical expedient could be elected by class of underlying assets; if elected, certain disclosures would be required.
Comment Due Date: February 05, 2018
Keywords: Americas, US, Accounting, Leases Standard, Topic 842, ASU, FASB
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