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ASU 2023-01

April 18, 2023



The FASB issued ASU 2023-01 in response to feedback from private companies around the consideration of legal enforceability when leases were between entities under common control. It allows private companies and nonprofits without conduit debt to use the written terms and conditions for accounting for leases under common control. It also updates the accounting for leasehold improvements for all entities by requiring LHI's to be amortized over their useful life. ASU 2023-01 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years.

Do you agree with the FASB's decision to change leases this late in the adoption phase?

To learn more about important accounting and auditing developments, join us for one of these upcoming CPE programs with Melisa Galasso.

WSCPA is excited to partner with Galasso Learning Solutions to provide A&A Today, real-time A&A updates and answers. Check the WSCPA blog often for new episodes or subscribe on YouTube.

With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.