United States

Implications of the Revised FASB and IASB Exposure Drafts on Lease Accounting

Jun 24, 2013
From the Financial Reporting View and the IFRS Institute

This edition of Issues In-Depth includes some of our observations about the FASB and IASB’s (the Boards) recently issued revised joint exposure drafts on proposed changes to the accounting for leases that, if finalized as proposed, would significantly change how lessees and lessors account for and report leasing arrangements in their financial statements. Additionally, the Issues In-Depth highlights the exposure drafts’ more significant implications and potential application issues. The Boards received nearly 800 comment letters on their original 2010 joint exposure drafts. After lengthy redeliberations, the Boards made extensive modifications to their 2010 lease accounting proposals in response to the comments and other input received from constituents.

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