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FASB approves change to lease rule; more changes coming

Tammy Whitehouse | January 29, 2018

The Financial Accounting Standards Board has finalized a change to the pending new lease accounting standard meant to make it easier for companies to transition to the new requirements.

FASB issued Accounting Standards Update No. 2018-01 to approve a practical expedient that simplifies and reduces the work companies must do to implement the new lease accounting standard with respect to certain land easements. The new leases standard to bring virtually all leases assets and related liabilities on to corporate balance sheets takes effect Jan. 1, 2019, for calendar-year public companies.

The newest update to the Accounting Standards Codification is specifically focused on certain land easements, which are...

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