FASB issues 16 minor amendments to lease accounting standard
 

FASB issues 16 minor amendments to lease accounting standard

FASB issued 16 minor amendments to its new lease accounting standard Thursday, clarifying rules and correcting application of guidance that the board had not intended when it created the standard.

The lease accounting standard (codified in Topic 842, Leases) was issued on Feb. 25, 2016, and takes effect for public companies and certain other entities in 2019. The amendments issued Thursday include issues brought to FASB's attention by stakeholders who were seeking help with implementation.

The amendments affect narrow aspects of the guidance issued in the lease accounting standard. FASB does not expect the clarifications to significantly affect current accounting practice or create significant implementation costs for most entities. Read more on the Journal of Accountancy.