FASB issued an Accounting Standards Update that reduces costs and eases implementation of the leases standard for those preparing financial statements. The Accounting Standards Update provides an option 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. It also provides a practical expedient that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met.
In February 2016, FASB had issued the Accounting Standards Update No. 2016- 02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. FASB has been assisting stakeholders with implementation questions and issues, as organizations prepare to adopt the new leases standard.
Keywords: Americas, US, Accounting, Accounting Standards Update, Leases Standard, FASB
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