At its meeting on August 2, 2017, the FASB continued its discussion of inquiries and feedback on whether land easements are within the scope of the new leases standard (ASU 2016-021) and reached several tentative decisions that will be exposed for public comment. Since the Board’s discussion during its May 2017 meeting, which left the issue unresolved, the FASB staff and a subset of Board members held a roundtable discussion with various stakeholders to learn more about the current accounting for land easements and the perceived challenges in applying ASC 842 to these arrangements.
This publication is provided as an information service by Deloitte’s National Office and may contain summaries of Deloitte’s observations at meetings or other events. Such summaries are believed to be accurate; however, no representation can be made that it is complete or without error. Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.