FASB ASU makes technical corrections to new leases standard

KPMG reports that the FASB’s final ASU on technical corrections to the leases standard has been issued. The amendments clarify and correct errors in ASC 842.

Applicability

ASU 2018-10

• All companies in the scope of the new leases standard

Relevant dates

• Effective date coincides with the effective date of the new leases standard for companies that have not early adopted 
• For companies that have early adopted the new standard, the final ASU is effective on issuance

Key impacts

ASU 2018-10:

• Makes 16 technical corrections to the new leases standard and other accounting topics – alleviating unintended consequences from applying the new standard
• Does not make any substantive changes to the core provisions or principles of the new standard

Related content

• Read more about the specific technical corrections within Defining Issues: Proposed ASU – technical corrections 
• Handbook: Leases