The Federal Accounting Standards Advisory Board (FASAB) on Friday issued Statement of Federal Financial Accounting Standards (SFFAS) 61, Omnibus Amendments 2023, Leases-Related Topics II.
The statement is intended to provide targeted technical clarifications to further facilitate implementation of SFFAS 54, Leases. The omnibus amendments clarify:
- The treatment of purchase options and defaults on payments for purposes of (1) determining the lease term and (2) assessing contracts or agreements that transfer ownership for options to terminate;
- The discounting of lease liabilities and receivables; and
- The applicability of sale-leasebacks requirements under paragraphs 89–92 to intragovernmental sale-leasebacks and the applicable disclosure.
The amended SFFAS 54 becomes effective for reporting periods beginning after Sept. 30, 2023, according to a news release.
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