The FASB recently issued the following two proposed Accounting Standards Updates (ASUs) that would amend certain aspects of the Board’s new leasing standard, ASU 2016-02:1
- Land Easement Practical Expedient for Transition to Topic 842 — Would amend the new standard’s transition requirements for land easements. Comments on this proposal are due by October 25, 2017 (a 30-day comment period).
- Technical Corrections and Improvements to Recently Issued Standards: . . . II. Accounting Standards Update No. 2016-02, Leases (Topic 842) — Would make 16 technical corrections and improvements to the new standard. Comments on this proposal are due by November 13, 2017 (a 45-day comment period).