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Deloitte comments on FASB's proposal to address lessor implementation issues

Published on: Jan 15, 2019

Deloitte & Touche LLP comments on the FASB's proposed ASU Codification Improvements for Lessors, which was issued in December 2018.

An excerpt from the comment letter is shown below:

We continue to support the Board’s efforts to amend certain aspects of ASU 2016-02, Leases (Topic 842), to reduce the costs and complexity of implementing the standard. We also acknowledge and support the critical need to address stakeholder feedback on a timely basis — a primary goal of the proposed ASU. That said, we observe that the proposed ASU retains and carries forward industry-specific guidance. In our view, industry guidance should be incremental as opposed to inconsistent with general guidance. However, in light of the critical need to address respondent feedback and the Board’s final decision not to fundamentally change lessor accounting, we support the proposed amendments that carry forward certain aspects of the application of ASC 840.

For more information, see the full text of the comment letter which is available below.

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