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Electronic Code of Federal Regulations

e-CFR data is current as of May 28, 2020


34 CFR--PART 668

View Printed Federal Register page 84 FR 49913 in PDF format.

Amendment(s) published September 23, 2019, in 84 FR 49913

Effective Dates: July 1, 2020

6. Section 668.172 is amended by:

a. Adding paragraphs (d) and (e).

b. Removing the parenthetical authority citation.

The additions read as follows:

§668.172   Financial ratios.

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(d) Accounting for operating leases. The Secretary accounts for operating leases by—

(1) Applying FASB Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to all leases the institution has entered into on or after December 15, 2018 (post-implementation operating/financing leases), as specified in the Supplemental Schedule (see Section 2 of Appendix A to this subpart and Section 2 of Appendix B to this subpart);

(2) Treating leases the institution entered into prior to December 15, 2018 (pre-implementation operating/financing leases), as they would have been treated prior to the requirements of ASU 2016-02, as long as the institution provides information about those leases on the Supplemental Schedule and a note in, or on the face of, its audited financial statements; and

(3) Accounting for any adjustments, such as any options exercised by the institution to extend the life of a pre-implementation operating/finance lease, as post-implementation operating/finance leases.

(e) Incorporation by Reference. (1) The material required in this section is incorporated by reference into this section with the approval of the Director of the Federal Register under 5 U.S.C. 552(a) and 1 CFR part 51. All approved material is available for inspection at U.S. Department of Education, Office of the General Counsel, 202-401-6000, and is available from the sources indicated below. It is also available for inspection at the National Archives and Records Administration (NARA). For information on the availability of this material at NARA, email [email protected] or go to www.archives.gov/federal-register/cfr/ibr-locations.html.

(2) Financial Accounting Standards Board (FASB), 401 Merritt 7, P.O. Box 5116, Norwalk, CT 06856-5116, (203) 847-0700, www.fasb.org.

(i) Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), (February 2016).

(ii) [Reserved]

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