FASB: ‘Expedient’ Alternative for New Lease Accounting Standard Adoption

According to PwC, in its most recent meeting, the FASB made a move to provide for quicker and more efficient implementation of the new lease accounting standard.

In its report, PwC said that two conditions must be met in order for lessors to activate an option for the aggregation of nonlease components with lease components. These include similar transfer timing and the classification of the lease as an operating lease.

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