The June 2014, Issue 15 of KPMG ISG's IFRS Newsletter: Leases - Continuing Forward summarizes the second quarter 2014 meetings of the FASB and the IASB at which the Boards discussed certain issues related to the joint project about lease accounting:
Definition of a Lease. To help distinguish leases from service contracts, the Boards decided to develop additional guidance about applying the definition in practice.
Separating Lease and Non-Lease Components. The Boards tentatively decided to retain guidance from the 2013 Exposure Draft about the separation of lease and non-lease components for lessors, and to introduce a practical expedient for lessees.
Variable Lease Payments. The Boards reached different conclusions about when a lessee would reassess variable lease payments. Therefore, subsequent measurement of a lessee's lease liability could be different under IFRS and U.S. GAAP.
Lease Modifications. The Boards defined a lease modification and introduced new criteria for accounting for different types of modifications.