Compliance Week - Paywall
With work winding down to get ready for the massive shift in how to recognize revenue, the next major accounting change exercise still awaits—lease accounting. Luckily, the FASB plans to give companies some relief to ease their transition to the new accounting rules. They will change the lease rules to permit companies to adopt the new accounting beginning in 2019 without requiring restatement of historic periods. The FASB is also proposing to simplify the accounting for lessors, dropping a requirement to separately recognize lease and non-lease components in rental agreements.