Last week, the Financial Accounting Standards Board (FASB) issued a formal proposal aimed at reducing the costs and complexity associated with complying with the new lease accounting standard scheduled to take effect in January 2019 for public companies (2020 for private companies).
FASB has invited all stakeholders to review the Accounting Standards Update (ASU) and provide comments by February 5, 2018—this is a rare opportunity to provide feedback that could offer significant relief for companies having to comply with the new standard. If these proposed changes represent a positive or negative impact to your company, you are encouraged to provide feedback to the FASB.