17.1 Overview

Since the issuance of ASU 2016-02 several years ago, the FASB has released various additional ASUs to (1) provide a practical expedient that offers entities transition relief related to reassessing land easement arrangements, (2) make certain technical corrections and improvements to the standard, (3) make targeted amendments to lessor accounting and provide transition relief to help decrease the costs of applying the standard’s guidance, (4) make certain narrow-scope improvements for lessors, and (5) amend certain provisions of ASC 842 that apply to arrangements between related parties under common control. Regulators, such as the SEC, have also been involved in this standard-setting process. Given the far-reaching impact that ASC 842 will have on many industries, the level of implementation activity is not surprising.1 Stakeholders should continue to monitor activity at the FASB, SEC, and other standard setters or regulators for any relevant developments or interpretations.