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FASB Clarifies Lease Accounting Implementation Issues in New Standard

March 12, 2019

The Financial Accounting Standards Board (FASB) addressed two lessor implementation issues and clarified an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the board’s new lease accounting standard. In Accounting Standards Update (ASU) No. 2019-01 (PDF), Leases (Topic 842): Codification Improvements, FASB aligns the new guidance with existing guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers in Topic 842, Leases. Read more at the Journal of Accountancy.