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Overview
Our Technical Line highlights key implications of the new leases standard for U.S. federal entities. The FASAB’s guidance in SFFAS 54 requires federal lessees to recognize a lease asset and lease liability for certain leases at the commencement of the lease term. The guidance requires federal lessors to recognize a lease receivable and unearned revenue for certain leases. The guidance is effective for reporting periods beginning after 30 September 2023.
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