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Lease Accounting Venting Session Sets Stage for Tweaks to Rules

Sept. 18, 2020, 10:53 PM

U.S. accounting rulemakers appear ready to consider all the issues that caused public companies heartburn as they overhauled how they reported leases on their balance sheets.

The Financial Accounting Standards Board let auditors, companies, investors, and consultants vent for more than three hours Friday about the landmark lease accounting standard, ASC 842, which made companies report the value of their leases on their balance sheets for the first time. Public companies started following the new rules in 2019.

They reported many woes. The hurdles they crossed to report the value of leasing real estate, vehicles, and heavy equipment included ...