IASB and FASB to Release New Leasing Standards Proposals
NORWALK, CT - The IASB and FASB said that re-exposing the draft will give those interested the opportunity to comment on revisions that the boards have made since releasing a draft on leasing standards in August of 2010.
NORWALK, CT - The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) announced in a news release that they plan to release their revised proposals for a common leasing standard. The organizations said that doing so will give those interested the opportunity to comment on revisions that the boards have made since releasing a draft on leasing standards in August of 2010.
“‘Although we have yet to conclude our deliberations on this project, the direction of travel indicates that there are aspects of our revised proposals that would benefit from additional input from interested parties,” said Hans Hoogervorst, chairman of the IASB.
The IASB and FASB stated that even though the boards have not finished deliberating, the decisions made with regard to the standards are different enough from those in the draft that they are looking for additional comments on the revised proposals.
The boards said they intend to complete deliberations during Q3, 2011, with the intent to publish a revised draft afterwards.
“During our discussions of the extensive comments we received on the exposure draft, the boards have reaffirmed the major change to lease accounting, which is to report lease obligations and the related right-to-use on the balance sheet,” said Leslie F. Seidman, chairman of the FASB. “However, the boards decided to make many other changes to address the comments made by stakeholders. The boards decided that, while we still have other matters to discuss, stakeholders would appreciate the opportunity to comment on the revised package of conclusions.”
The FASB and IASB said it will provide details about the re-exposed leasing standards proposals in the near future.
Automotive Fleet's Editor Mike Antich commented on some of the original proposed changes in this blog post.
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