KPMG reports that the FASB’s final ASU on accounting and transition for land easements has been issued. The amendments to US GAAP clarify that land easements are within the scope of the new leases standard (ASC 842) and introduce a new transition practical expedient allowing a company to not assess whether existing and expired land easements that were not previously accounted for as leases under current US GAAP (ASC 840) are or contain leases under ASC 842.
ASU 2018-01:
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