FASB Wraps Up 2020 with FASB Roundtable Discussions

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According to Accounting Today, the Financial Standards Accounting Board’s recent roundtable discussions centered on new guidance about lease implementation for public and nonpublic organizations, and what we can expect for non-public implementation next year.

Questions:

  1. Why didn’t participants at the Sep. 2020 FASB Roundtable want sweeping changes to lease guidance?
  2. According to the article, why would private companies welcome practical expedience to reduce the cost and complexity associated with determining the incremental borrowing rate?
  3. Separate from the Roundtable, the FASB issued October proposals designed to improve three targeted areas of its lease accounting guidance for public companies? What are these three areas?
  4. What would the delay of similar guidance for non-public implementation cause?

Source:

Ohm, A. (2020) FASB: Don’t make big changes to the lease standard. Accounting Today, December 24 (Retrievable online at https://www.accountingtoday.com/opinion/fasb-dont-make-big-changes-to-the-lease-standard)