AAPC: Accounting and Auditing Policy Committee

Leases Implementation

FASAB Contact, Ricky A. Perry, Jr., perryra@fasab.gov, 202-512-5720

Project Objective

SFFAS 54, Leases, provides a comprehensive set of lease accounting standards to recognize federal lease activities in reporting entities’ general purpose federal financial reports and includes appropriate disclosures. The leases implementation guidance project is to provide timely guidance to ensure effective implementation of SFFAS 54. This project will clarify, explain, and elaborate on requirements of SFFAS 54.

Leases Implementation Task Force Meetings

DateAgendaMinutes
September 6, 2019AgendaMinutes
October 4, 2019AgendaMinutes
January 28, 2020AgendaMinutes
April 15, 2020AgendaMinutes
May 12, 2020AgendaMinutes
June 11, 2020AgendaMinutes
July 29, 2020AgendaMinutes

Project History:

November 21, 2019

At the November AAPC meeting, staff and committee members discussed the status, approach, and timelines of the leases implementation guidance project. Staff briefed members on recent AAPC task force proceedings, including ongoing research to identify implementation issues and draft guidance.

The November AAPC issue papers can be found here.

August 28-29, 2019

Staff briefed the Board on the project plan for developing implementation guidance for SFFAS 54, Leases. Staff has, with the support of the Accounting and Auditing Policy Committee (AAPC) task force, undertaken a systematic process for identifying implementation issues by (1) performing a content analysis of analogous Governmental Accounting Standards Board implementation issues and (2) surveying task force members and their constituents regarding issue areas that may be candidates for guidance.

The task force roster is finalized, and meetings are scheduled for September 6 (completed), October 4, November 1, and December 6 (tentative).

Board members were generally supportive of the plan but observed that the timelines may prove challenging. Members asked that staff gather information from the task force regarding the present status of implementation efforts and return to brief the Board on the state of such at the October 2019 Board meeting.

Issue Paper for August 28, 2019 – Tab G (PDF)