The Accounting and Auditing Policy Committee (AAPC) of the Federal Accounting Standards Advisory Board (FASAB) issued technical releases on Tuesday, including one on implementation guidance for leases.
The issuance of Federal Financial Accounting Technical Release (TR) 21, Omnibus Technical Release Amendments 2022: Conforming Amendments, provides conforming amendments to four previous technical releases.
- TR 10, Implementation Guidance on Asbestos Cleanup Costs Associated with Facilities and Installed Equipment;
- TR 11, Implementation Guidance on Cleanup Costs Associated with Equipment;
- TR 14, Implementation Guidance on the Accounting for the Disposal of General Property, Plant & Equipment; and
- TR 20, Implementation Guidance for Leases.
The updates are designed to ensure the technical releases are consistent with U.S. GAAP. The technical releases are effective upon issuance.
Monica Valentine, executive director of FASAB and chair of the AAPC, said in a news release: "Updating our technical guidance to ensure it is current is very important because users rely on the technical guidance provided in the TRs."
— To comment on this article or to suggest an idea for another article, contact Kevin Brewer at Kevin.Brewer@aicpa-cima.com.