NAR Joins Partners on FASB Letter
NAR, along with several other real estate industry partners, sent a letter to the Financial Accounting Standards Board (FASB) requesting an exemption for private companies to comply with the new lease accounting standards. The new lease accounting standards will come out in late February 2016, but the industry groups have begun soliciting the FASB for an exemption for private companies. The letter focused on the complexity of implementing the new standards and the effect the standards will have on private companies' balance sheets.
Read the letter here.