FASAB Issues Updates to Technical Releases
The Accounting and Auditing Policy Committee (AAPC) of the Federal Accounting Standards Advisory Board (FASAB) recently issued technical releases, including one regarding implementation guidance for leases.
Federal Financial Accounting Technical Release (TR) 21, Omnibus Technical Release Amendments 2022: Conforming Amendments, provides conforming amendments to the following four previous technical releases:
- TR 10, Implementation Guidance on Asbestos Cleanup Costs Associated with Facilities and Installed Equipment
- TR 11, Implementation Guidance on Cleanup Costs Associated with Equipment
- TR 14, Implementation Guidance on the Accounting for the Disposal of General Property, Plant & Equipment
- TR 20, Implementation Guidance for Leases
The updates are intended to ensure the technical releases are consistent with U.S. GAAP. The technical releases are effective upon issuance.