Project Description: The objective of this project is to publish question-and-answer guidance to assist state and local governments and other stakeholders in addressing implementation issues associated with Statements No. 87, Leases.
Initial Deliberations: December 2018
- Accounting and Financial Reporting Issues
- Project History
- Current Developments
- Work Plan
- Recent Minutes
- Task Force
- Project staff:
Implementation Guide for Leases—PROJECT PLAN
Accounting and Financial Reporting Issues: This project addresses issues related to the key aspects of Statement 87. Potential topics include but are not limited to:
Background: Specific issues were raised by respondents to the Exposure Draft, Leases, which were identified as candidates for consideration in an Implementation Guide. The staff is beginning to receive questions about the standards during speaking engagements, and technical inquiries are being submitted by stakeholders. The project staff anticipates a sustained high volume of questions once governments begin planning for their implementation of Statement 87.
In addition, the project staff has been monitoring implementation issues that the FASB is addressing relative to their recent leases guidance. The issues the FASB is addressing may have implications for implementation of Statement 87 to the extent that the leases standards are similar.
- Scope of the standards and application of the definition of a lease
- Identifying the term of a lease
- Short-term leases
- Lessee recognition, measurement, and disclosure
- Lessor recognition, measurement, and disclosure
- Lease incentives
- Leases with multiple components
- Lease modifications and terminations
- Sale and leaseback and lease and leaseback transactions
- Intra-entity leases
- Leases between related parties
- Added to current technical agenda: December 2017
- Task force established? Yes
Topics to Be Considered
|January 2019:||Review preballot draft of an Exposure Draft of a proposed Statement 87 Implementation Guide.|
|March 2019:||Review ballot draft of an Exposure Draft of a proposed Statement 87 Implementation Guide and consider for clearance.|
|April–May 2019:||Comment period|
|June 2019:||Redeliberate issues based on respondent feedback and
review preballot draft of a final Statement 87
|June 2019 (T/C):||Review ballot draft of a final Statement 87 Implementation
Guide and consider for clearance.
Minutes of Meetings, December 17–19, 2018
The Board reviewed potential questions and answers related to an implementation guide for leasing activities, provided suggestions for clarifying edits, and tentatively did not object to the proposed questions and answers, as modified. The Board also did not object to moving forward with a preballot draft of a proposed Implementation Guide.