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FASB proposes technical corrections to 2 standards

By Ken Tysiac

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FASB issued an exposure draft Wednesday that contains proposed technical corrections and clarifications for separate standards issued in 2016 on accounting for financial instruments and lease accounting.

In Accounting Standards Update (ASU) No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, FASB made targeted improvements to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments.

In Wednesday’s proposal, FASB aims to clarify six issues identified in the financial instruments standard that were brought to the board’s attention by stakeholders.

Meanwhile, ASU No. 2016-02, Leases (Topic 842), requires lessees to recognize lease assets and liabilities on the balance sheet and disclose additional information about leasing transactions. Wednesday’s proposal clarifies 16 issues related to the leases standard that were brought to FASB’s attention by stakeholders.

Comments on the ED can be submitted to FASB by Nov. 13 at the board’s website.

—Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.