AGC Submits Comments on Proposed Leases Accounting Standard

AGC Wednesday submitted commentsto the Financial Accounting Standards Board (FASB) in response to the Board’s proposal to change the financial reporting of lease contracts.  The project is a joint effort by the FASB, which sets U.S. generally accepted accounting principles, and the International Accounting Standards Board (IASB), the international standards-setting body.  The purpose of the proposal is to change the way financial reporting information is made available to investors about the financial effects of lease contracts.  AGC’s comment letter discusses specific construction industry concerns with the proposal and makes recommendations to the Board to improve the final standard. For more information, contact Karen Lapsevic at 202-547-4733 or lapsevick@agc.org.