As companies are about to begin reflecting new lease accounting rules, the Financial Accounting Standards Board has approved some minor edits intended to assure a smooth transition to the major new standard.
FASB issued Accounting Standards Update No. 2019-01 to address small changes to Accounting Standards Codification Topic 842 on leases, which brings virtually all lease-related assets and liabilities on to corporate balance sheets this year. ASU 842 took effect for calendar-year public companies on Jan. 1, 2019, so they will begin reflecting the new guidance in their first-quarter filings.
