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The Equipment Leasing and Finance Association in September filed a formal Comment Letter with The Financial Accounting Standards Board on proposed amendments to the new lease accounting standard.
The Proposed Accounting Standards Update, Leases (Topic 842): Narrow-Scope Improvements for Lessors, responds to three post-issuance questions:
- the accounting for sales, use and similar taxes;
- the accounting for other costs paid by a lessee that may benefit a lessor; and
- variable payments when contracts have lease and non-lease components.
Read the full letter (Word document) here.