ASU 2023-01: Leases-Common control arrangements FAQs

In this report, we are addressing frequently asked questions about recently issued Accounting Standards Update (ASU) 2023-01, Leases (Topic 842)—Common Control Arrangements, on common control arrangements and related party leases. These questions and answers are intended to help our members who may encounter similar issues on engagements. Some questions are blends of multiple CPEA member questions on a similar topic. While the fact pattern in a particular member question below may not exactly match the circumstances that a different member