By LeaseCrunch® on Dec 24, 2020 7:52:00 AM
As we wrap up an unpredictable year, the LeaseCrunch team is sharing their thoughts on the Financial Standards Accounting Board’s recent roundtable discussions, new guidance on lease implementation for public and nonpublic organizations, and what to expect for nonpublic implementation next year.
LeaseCrunch CEO Ane Ohm shared her thoughts with Accounting Today: “While organizations would like to see improvement, the consensus is that big updates could make future implementations more confusing. Listening in on the FASB’s September roundtable session, it was quickly apparent that the participants did not want sweeping changes. Instead, they are seeking additional flexibility and expanded practical expedients to simplify the accounting and auditing of calculations, while achieving the intent of the new lease standard.”