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FASB Modifies Risk-Free Discount Rate Practical Expedient for Lessees That Are Not Public Business Entities

The FASB issued ASU 2021-091 (“Update”) to amend the level at which private company lessees can elect the risk-free rate accounting as a practical expedient. Under the new standard, lessees can make this election by asset class rather than the current “all-or-nothing” approach for all leases.