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FASAB committee proposes changes to guidance on leases

By Bryan Strickland

Please note: This item is from our archives and was published in 2023. It is provided for historical reference. The content may be out of date and links may no longer function.

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The Accounting and Auditing Policy Committee (AAPC) of the Federal Accounting Standards Advisory Board (FASAB) released proposed updates to a technical release on leases.

The AAPC is seeking public comment through June 30 on proposed updates to Technical Release (TR) 20, Implementation Guidance for Leases. Statement of Federal Financial Accounting Standards (SFFAS) 54, Leases, becomes effective for reporting periods after Sept. 30, 2023.

“Since the issuance of TR 20 [in 2021], the board’s technical staff and the AAPC have continued to monitor implementation issues,” AAPC Chair Monica Valentine said in a news release. “These proposals are intended to proactively address such issues in a manner consistent with SFFAS 54.”

The proposed updates include one conforming amendment resulting from the issuance of SFFAS 61, Omnibus Amendments 2023; seven additional question-and-answer guidance candidates that would be inserted throughout TR 20 in the applicable topic areas; and three clarifying amendments/technical corrections to existing question-and-answer guidance under TR 20.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.