The Federal Accounting Requirements Advisory Board is searching for suggestions on an publicity draft of a proposed set of technical clarifications and amendments on lease accounting for the federal authorities.
The doc, “Omnibus Amendments: Technical Clarifications Addressing Lessee and Lessor Low cost Charges and Sale-leasebacks,” intention to make clear the applying of lessee and lessor discounting necessities and the applying of sale-leasebacks steering to intragovernmental sale- leasebacks and the disclosure necessities relevant to them.
FASAB, to not be confused with the equally named FASB, advises on accounting requirements for the federal authorities, not the personal sector. It’s asking for feedback on the publicity draft by July 8, 2022, whereas encouraging commenters to supply the explanations for his or her positions.
This Assertion of Federal Monetary Accounting Requirements (SFFAS) would amend sure paragraphs in SFFAS 54, “Leases,” and SFFAS 60, “Omnibus Amendments 2021.”
“These proposals are a continuation of the board’s post-issuance analysis on SFFAS 54,” FASAB chair George A. Scott stated in a press release. “Because the efficient date nears, the purpose has been to facilitate the continuing leases implementation actions throughout the federal neighborhood by intensive outreach and the efforts of a devoted activity drive. Remark letters on this proposal will additional assist that purpose because the board’s due course of continues following the remark interval.”
Among the many modifications, he proposal would tackle sure ongoing areas of concern not addressed in SFFAS 60, together with clarifying FASAB’s unique intent for discounting lease liabilities and receivables to lead to a extra constant and comparable utility of SFFAS 54 necessities; and clarifying the applicability of paragraphs 89-92 of SFFAS 54 to intragovernmental sale leasebacks and the disclosure necessities relevant to them.