FASAB Contact, Ricky A. Perry, Jr., firstname.lastname@example.org, 202-512-5720
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.
Two sister projects will also contribute to the objectives of the overall project:
- Conforming amendments to existing Technical Releases (TR). See sister project page here.
- Technical Bulletin on software licenses. See sister project page 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)