Additional Targeted Lease Relief Proposed

Thoughtware Alert Nov 10, 2020
Tax PCS Private Client Services Finance Insurance

As companies progress in implementation efforts on the new guidance in Accounting Standards Codification 842, Leases, FASB continues to consider additional relief for unexpected operational challenges that arise. On October 20, 2020, FASB issued an exposure draft that addresses three issues: sales-type leases with variable lease payments (lessor only), the option to remeasure lease liability (lessee only), and modifications to reduce the scope of a lease contract. This article provides details on the issues. 

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