Lease accounting guidance proposed for federal entities

November 14, 2020

The Federal Accounting Standards Advisory Board (FASAB) and the Accounting and Auditing Policy Committee (AAPC) are proposing implementation guidance for federal-entity accounting standards and amendments to leases-related topics.

FASAB, specifically, is proposing to amend Statement of Federal Financial Accounting Standards 54 to enhance the clarity of the standard, rescind certain disclosure requirements and provide minor technical corrections.

FASAB is accepting comments on the proposals at through Feb. 5.  

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