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FASB plans new expedient for lease accounting

Tammy Whitehouse | August 9, 2017

The Financial Accounting Standards Board is preparing to propose a modification to the pending lease accounting standard to amend the transition guidance.

In a recent FASB meeting, the board decided to modify the transition provisions in Topic 842 of the Accounting Standards Codification, which takes effect for public companies in 2019, for certain land easements that existed before the effective date. The board has instructed its staff to draft an accounting standards update for public proposal and comment.

The board plans to introduce a...

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