Woman looks out window

On March 27, 2023, FASB issued the eagerly awaited Accounting Standards Update (ASU) 2023-01, Common Control Arrangements, that addresses two issues:

  • Terms and conditions to be considered for arrangements between entities under common control in determining whether a lease exists, and if so, the classification and accounting for that lease
  • The accounting for leasehold improvements under Accounting Standards Codification 842 when the lease term in a common control lease is shorter than the useful life of the leasehold improvements

This article provides details on the ASU.

Download PDF

If you have any questions or need assistance, please reach out to a professional at FORVIS or submit the Contact Us form below.

Related FORsights

Let's Connect

Subscribe to our content or get in touch with us today

Subscribe Contact Us