Feb 16, 2023 | Accounting, Genuine Learning
On February 15, 2023 FASB affirmed the proposed changes to Topic 842, Leases for related parties under common control. The Board unanimously affirmed a practical expedient for private entities & nonprofits without conduit debt under common control arrangements to allow these entities to use the written terms and conditions of their leases to apply Topic 842. FASB also affirmed a change to the amortization of leasehold improvements for all common control entities including public entities. Leasehold improvements between entities under common control will amortize improvements over the useful life of the leasehold improvement as long as the lessee controls the use of the underlying asset through the lease. The final Update will be effective fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The FASB indicated that the new ASU is expected to be issued by the end March.
Feb 9, 2023 | Accounting, Genuine Learning, Government
The GASB has exposed one additional question related to cloud computing arrangements and the scope of GASB 96. The question provides guidance on how to evaluate cloud computing arrangements in the context of a SBITA. Comments are due March 10, 2023.
Jan 12, 2023 | Accounting, Genuine Learning
The FAF has released its strategic plan which includes the mission, vision and values of the FAF which is the parent entity to the FASB and GASB. The plan lists out the goals that FAF has set for itself.
Dec 8, 2022 | Accounting, Genuine Learning, Government
GASB has issued 9 questions for public comment that relate to leases, SBITA and accounting changes. The implementation guidance which would be issued in 2023 would be authoritative interpretations of the related standards. Comments are due January 20, 2023.
Dec 1, 2022 | Accounting, Genuine Learning
FASB has proposed changes to Topic 842, Leases for related parties under common control. The proposal would change the evaluation of the lease term for private entities under common control to allow the use of what was in writing. The proposal would also change the amortization of leasehold improvements for all common control entities including public entities. Comments are due January 16, 2023.
