Heads Up — FASB tentatively decides to relieve entities from implementing certain aspects of the new leasing standard

Published on: Dec 05, 2017

This Heads Up discusses the tentative decisions the FASB made at its November 29, 2017, meeting to amend certain aspects of its new leasing standard, ASU 2016-02. Specifically, the Board tentatively decided that:

  1. entities may elect not to restate their comparative periods in the period of adoption when transitioning to the new standard and
  2. lessors may elect not to separate lease and non-lease components when certain conditions are met. In addition, the Board discussed stakeholder feedback on its proposed ASU related to the land easement practical expedient associated with transition to ASC 842 and voted to move forward with drafting a final ASU.

This publication was released by our US firm.

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