FASB Staff Issues Q&A Document on Lease Concessions Related to COVID-19

The FASB staff has published a Q&A document, Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic. The document notes that for such concessions, “an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 and Topic 840 to those contracts.”

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