I remember all of the hoopla about Fin 46 and how difficult it seemed it was going to be implementing. Turns out most small practitioners around here ended up just doing a GAAP departure and skipping the consolidation and it was a non issue. The banks and the bonding companies preferred it that way.
Then we had the new IRS repair regs and the thought that 2 or 3 Form 3115 would need to be filed for each client. Last minute it was scrapped by the IRS.
Now we have these new lease rules coming down the road. Will this be just another GAAP departure issue?