EY FASB Update: Additional Transition Option Added

According to EY Accounting Link, the FASB amended the new standard to provide another option for transition, which will have the same effective date as the new leases guidance.

Highlights regarding the new transition option include:

  • The transition option permits lessees to avoid applying the new leases standard in the comparative periods they present in their financial statements in the year of adoption.
  • Lessors have an option to avoid separating non-lease components from related lease components when certain criteria are met.



Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.