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Comments: modifying leasing expedient

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On July 16, Grant Thornton submitted a comment letter to the FASB staff expressing our support for the Board’s proposal to amend a practical expedient in ASC 842 that permits lessees to use a risk-free rate as the discount rate in classifying, measuring, and recognizing leases.

Currently, the expedient must be applied to all leases if elected. The proposed amendment would permit lessees to make the election by class of underlying asset.

Download our letter to read our comments in full on the FASB’s proposed ASU, Leases (Topic 842): Discount Rate for Lessees That Are Not Public Business Entities