FASB/IASB Review Status

The same lease will often have multiple amortization schedules to record different schedules of costs. The FASB Review Status keeps the records for the different schedules separate.

As you work through the Lease Classification Wizard to classify your leases, the system will set one of the following statuses for the FASB/IASB Review Status (ls.fasb_review_status) field to document if the lease has been reviewed and classified according to FASB/IASB standards.

In general, the program includes only Approved records in FASB / IASB reports.

Unclassified -- The starting value for leases which have not yet been classified.
Pending -- The classification is in process, but not yet complete.
Approved -- The lease administrator (someone who is a member of the RPLM-LEASE-AUDITOR security group) has reviewed the classification and approved it.
Under Re-evaluation -- The lease has been classified, the classification has been approved, and the lease is now being re-evaluated, perhaps because the building market value has changed or a lease option has been executed.
Archived -- The Wizard sets this value for records that are no longer relevant after re-evaluation.