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FASB approves huge simplification to lease rules

Tammy Whitehouse | July 31, 2018

The Financial Accounting Standards Board has finalized an enormous simplification of the pending new lease accounting standard, permitting companies to forego historic presentations.

The board issued in final form Accounting Standards Update No. 2018-11 to say companies can apply Accounting Standards Codification Topic 842 on lease accounting on a prospective or go-forward basis instead of applying it to the earliest comparative period presented in financial statements. The standard takes effect Jan. 1, 2019, for calendar-year public companies. Private companies will be required to comply a year later.

The new simplification means companies...

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