FASAB Issues Technical Release on Leases Implementation

October 12, 2023

The Federal Accounting Standards Advisory Board (FASAB) recently announced its approval and issuance of Federal Financial Accounting Technical Release (TR) 22: Leases Implementation Guidance Updates.

TR 22 amends TR 20, Implementation Guidance for Leases, by incorporating conforming amendments, inserting additional question-and-answer guidance, and providing clarifying amendments and technical corrections on certain existing TR 20 guidance.

SFFAS 54, Leases, is effective for reporting periods beginning after Sept. 30, 2023.