FASAB Issues Technical Release on Leases Implementation
The Federal Accounting Standards Advisory Board (FASAB) recently announced its approval and issuance of Federal Financial Accounting Technical Release (TR) 22: Leases Implementation Guidance Updates.
TR 22 amends TR 20, Implementation Guidance for Leases, by incorporating conforming amendments, inserting additional question-and-answer guidance, and providing clarifying amendments and technical corrections on certain existing TR 20 guidance.
SFFAS 54, Leases, is effective for reporting periods beginning after Sept. 30, 2023.