FASAB committee issues updates to guidance on leases

The Federal Accounting Standards Advisory Board (FASAB) published updates to guidance on implementation of leases.

FASAB’s Accounting and Auditing Policy Committee (AAPC) issued Federal Financial Accounting Technical Release (TR) 22: Leases Implementation Guidance Updates.

TR 22 amends TR 20, Implementation Guidance for Leases, by incorporating conforming amendments, inserting additional question-and-answer guidance, and providing clarifying amendments and technical corrections on certain existing TR 20 guidance.

“The AAPC remains committed, with the support of the Board, to updating the guidance in support of leases implementation,” AAPC Chair Monica Valentine said in a news release. “Implementation monitoring and AAPC technical activities are slated to continue in fiscal years 2024 and 2025.”

Statement of Federal Financial Accounting Standards (SFFAS) 54, Leases, is effective for reporting periods beginning after Sept. 30, 2023.

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