Over the last several months, we have received and answered many questions from our members on FASB Accounting Standards Codification (FASB ASC) ASC 842, Leases, and related party leases. One specific group of questions deal with related party leases and presenting consolidating information.
The questions arise when FASB ASC 842 is not adopted for related party leases in individual entities that are part of a consolidated group, since these leases, even if recorded, would eliminate in consolidation. When this situation