FASB Lease Accounting Changes
Recently, the Financial Accounting Standards Board (FASB) proposed changes to the way lessors and lessees account for leases. Under these new rules, entities must recognize assets and liabilities arising from lease contracts which is different from current regulations that allow leases to be considered operating expenses which do not appear on balance sheets. This could lead to a bloated balance sheet that would result in a host of potential problems. IREM has become aware of this issue and has worked to voice concern for these changes. Please see the links below to view the newly adopted Statement of Policy on FASB Lease Accounting as well as two coalition letters IREM signed onto to formally voice their opposition. IREM Legislative Staff will be attending hearings regarding this issue on January 5 in Chicago and will report back if necessary. Please contact IREM Legislative Liaison, Beth Price, with any questions. She can be reached at email@example.com or 312-329-6021.
Statement of Policy on FASB Lease Accounting
Coalition Letter #1
Coalition Letter #2