FASB Issues Guidance to Address Lessor Implementation Issues

The FASB has issued an Accounting Standards Update (ASU), Leases (Topic 842): Codification Improvements.

The ASU “addresses two lessor implementation issues and clarifies that lessees and lessors are exempt from a certain interim disclosure requirement associated with adopting the new leases standard.”

For more information, see the press release and ASU on the FASB’s Web site.