The Federal Accounting Standards Advisory Board (FASAB) on Friday, April 7, issued Statement of Federal Financial Accounting Standards (SFFAS) 61, Omnibus Amendments 2023, Leases-Related Topics II.
The statement aims to provide targeted technical clarifications to facilitate the implementation of SFFAS 54, Leases. The omnibus amendments address three implementation issues.
The amended SFFAS 54 becomes effective for reporting periods beginning after Sept. 30, 2023.