The Financial Accounting Standards Board issued a proposed accounting standards update intended to improve three areas of the leases guidance. Stakeholders are encouraged to review and provide comments on the proposed changes by Dec. 4.
“The proposed ASU represents our commitment to take timely action based on what we learn during our comprehensive post-implementation review (PIR) process of major standards,” Richard R. Jones, chair of the FASB, said. “In this case, it would address three areas brought to our attention by public company stakeholders from their experiences applying the leases standard. We encourage all stakeholders to review and provide feedback on the proposed ASU and whether they think the proposed changes would improve the guidance for all companies and organizations implementing it.”
The amendments in the proposed ASU address the following areas:
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