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SEC offers views on adopting new lease rules

Tammy Whitehouse | June 3, 2016

Companies getting a jump start on adopting the new accounting requirements for leasing will be happy to learn that the Securities and Exchange Commission will not require all five years of the selected financial data table to reflect the new accounting.

At a regular quarterly meeting of SEC staff with the Center for Audit Quality’s SEC Regulations Committee, staff members said companies should follow the transition provision contained in the new rule, Accounting Standards Update No. 2016-02, which says the rules should be applied to financial statements.

That means companies will apply the new rules only to the three years presented in the complete set of financial statements, not the five years worth of selected data provided in the...

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