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2018

November 1, 2018 — FASB Concludes Deliberations on Proposed Accounting Standards Update on Narrow-Scope Improvements for Lessors

Deloitte Accounting Journal
November 1, 2018

FASB Concludes Deliberations on Proposed Accounting Standards Update on Narrow-Scope Improvements for Lessors

At its meeting on October 31, 2018, the FASB concluded deliberations on its proposed Accounting Standards Update (ASU)1 related to the narrow-scope improvements for lessors under ASC 842.2 This journal entry includes a summary of the tentative decisions reached and related discussion at the meeting for the following issues:3
  • Sales taxes and other similar taxes collected from lessees.
  • Lessee-paid and lessee-reimbursed costs.
  • Recognition of variable payments for contracts with lease and nonlease components.
  • Transition and effective date of the final ASU.

Footnotes