On 30 July 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 (codified as ASC 842). In addition, on 19 July 2018, the FASB issued ASU 2018-10, which made 16 separate minor amendments to ASC 842.
ASU 2018-10 (issued on July 19, 2018) makes 16 narrow-scope amendments (i.e., minor changes and clarifications) to certain aspects of the new leasing standard (i.e., ASC 842). For more information on these amendments, see the IASPlus website. The effective date of the amendments in ASU 2018-10 is aligned with that of ASU 2016-02. For entities that have early adopted ASC 842, the ASU is effective upon issuance and has the same transition requirements as those in ASC 842.
You can find out about the Key Provisions of ASU 2018-11 in the Accounting News of the September dReport.
The erticle is part od dReport – September 2018, Accounting news.
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