The Federal Accounting Standards Advisory Board (FASAB) is seeking input on proposed amendments intended to clarify the application of lessee and lessor discounting requirements.
The FASAB exposure draft proposes targeted omnibus amendments to Statement of Federal Financial Accounting Standards (SFFAS) 54, Leases.
The proposed amendments are also intended to clarify the application of sale-leasebacks guidance to intragovernmental sale-leasebacks and the disclosure requirements applicable to them.
"These proposals are a continuation of the board's post-issuance research on SFFAS 54," FASAB chair George A. Scott said. "As the effective date nears, the goal has been to facilitate the ongoing leases implementation activities across the federal community through extensive outreach and the efforts of a dedicated task force. Comment letters on this proposal will further support that goal as the board's due process continues following the comment period."
FASAB requests comments on the ED by July 8. Respondents are encouraged to provide the reasons for their positions and can visit this site to begin the comment process.
— To comment on this article or to suggest an idea for another article, contact Neil Amato at Neil.Amato@aicpa-cima.com.