At their July and October joint meetings, the FASB and the IASB (the Boards) continued redeliberations on the proposals in their 2013 exposure drafts on lease accounting. The FASB also met separately in August to discuss aspects of the proposals that are specific to U.S. GAAP. As in each joint meeting since March 2014, while the Boards reached converged decisions in the reconsideration of some of their proposals, there were key areas on which they did not agree.
This edition of Defining Issues discusses the Boards’ more significant decisions subsequent to the first half of 2014 and provides KPMG’s observations on their potential impacts. The Boards expect to substantially complete their redeliberations by the end of this year.