FASB updates lease accounting rules

October 5, 2018

FASB continues to make improvements to the lease accounting standard. It recently issued minor amendments, 16 changes and a proposal to lower costs for easier implementation.

FASB made enhancements to the standards based on feedback they received. Accounting Standards Update (ASU) No. 2018-11, Leases (Topic 842), makes transition requirements simple and provides lessors with a practical expedient for separating nonlease components from lease components.

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