On March 5, 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements, which amends certain aspects of the Board’s new leasing standard, ASU 2016-02.1 ASU 2019-01 is the result of a proposed ASU2 issued in December 2018. The ASU addresses 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 942.3
- Clarification of interim disclosure requirements during transition.