At its meeting on May 10, 2017, the FASB continued1 its discussion of inquiries and feedback related to the new leases standard (ASU 2016-022). The FASB staff gave an update on implementation developments, noting that the inquiries have been:
- Primarily related to lessee accounting and reporting, scope, and transition.
- Received from a representative of a professional accounting association as well as from large accounting firms and the FASB’s technical inquiry system.
- Consistent with the staff’s expectations regarding type, nature, and significance and are similar to those discussed with the Board at its November 30, 2016, meeting.