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FASB Finalizes Common Control Lease Relief

FASB has issued ASU 2023-01, Common Control Arrangements, that addresses common control lease relief. Read on for details. 
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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.

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