FASB Issues Targeted Improvements to Leases Standard

Norwalk, CT, July 30, 2018—The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that reduces costs and eases implementation of the leases standard for financial statement preparers.
"The targeted improvements in the ASU address areas our stakeholders identified as sources of unnecessary cost or complexity in the leases standard," stated FASB Chairman Russell G. Golden.  "They represent the FASB's commitment to proactively address implementation issues raised by our stakeholders to ensure a successful transition to the new standard without compromising the quality of information provided to investors."
The ASU simplifies transition requirements and, for lessors, provides a practical expedient for the separation of nonlease components from lease components.
Specifically, the ASU provides: The ASU is available at http://www.fasb.org/.