At its February 13, 2019, meeting, the FASB concluded deliberations on its December 2018 proposed Accounting Standards Update (ASU)1 related to Codification improvements to ASC 842.2 In addition, after discussing comments raised by stakeholders on issues not included in the proposed ASU, the Board tentatively decided to add a Codification improvement on interim disclosure requirements in transition to the new leasing standard. This journal entry includes a summary of the tentative decisions reached and related discussion at the meeting for the following issues:
- Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers.
- Statement of cash flows presentation for sales-type and direct financing leases by lessors within the scope of ASC 942.
- Additional issues raised in comment letters.