Assume that you are preparing to submit a comment to the FASB for the public response to the Leases proposal. Please respond to the following:
Formulate a response that addresses the following:
Do you agree or disagree that more guidance is needed? State why.
Discuss what you support and do not support about the proposal and state why.
Explain what modification you would make to the guidelines.
The lease proposal is about changing the four-part lease reporting from capital leases where you report the leased asset and the lease obligation differently from operating leases which are just a footnote. The new proposal suggests reporting all leases as an asset "right to use"? and an obligation without the four-part test of capital versus operating leases.
I agree with the ...
This solution is 242 words plus a reference to the FASB lease proposal website.