FASAB Proposes Changes to Leases Guidance
The Accounting and Auditing Policy Committee (AAPC) of the Federal Accounting Standards Advisory Board (FASAB) recently released an Exposure Draft (ED) Technical Release: Leases Implementation Guidance Updates.
The ED lays out proposed updates to Technical Release (TR) 20, Implementation Guidance for Leases. The proposed updates include one conforming amendment resulting from the board’s issuance of Statement of Federal Financial Accounting Standards (SFFAS) 61, Omnibus Amendments 2023; seven additional question-and-answer guidance candidates that would be inserted throughout TR 20 in the applicable topic areas; and three clarifying amendments/technical corrections to existing question-and-answer guidance under TR 20.
The AAPC requests comments on the ED by June 30, 2023. Respondents are encouraged to provide the reasons for their positions. The ED and the specific questions raised are available on the FASAB website in PDF and Word format, respectively.
SFFAS 54, Leases, becomes effective for reporting periods beginning after Sept. 30, 2023.