California’s Newsom Vetoes Lease Accounting Regulatory Relief Bills

California Gov. Gavin Newsom vetoed two bills the state’s title insurance and escrow companies said would have helped them comply with state regulations after sweeping new lease accounting rules go into effect.

The Democratic governor vetoed the bills on Sept. 9, saying they would make state regulations deviate from the Financial Accounting Standards Board’s major new lease accounting rules, which force businesses to report on their balance sheets for the first time the liabilities they rack up from renting real estate and equipment.

California regulations require title insurance and escrow companies to maintain a certain amount of ...