caalley logo

The alley for Indian Chartered Accountants

FASAB committee proposes changes to guidance on leases

May 31, 2023

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.

[Journal of Accountancy]

Don't miss an update!
Subscribe to our newsletter