Mar 18, 2015
From the Financial Reporting Network
This edition of Defining Issues reports that the FASB and IASB are ready to stop talking about lease accounting – at least for now. With the completion of the IASB’s March meeting, other than any minor clean-up issues, both say they are finished building their new lease accounting mousetraps. They have told their staff to begin writing the final standards. The standards will contain numerous points of divergence, the most significant of which relate to lessee accounting. Neither has decided when the new standards will become effective. However, they plan to issue their final standards by the end of this year. In this edition, we discuss the Boards’ significant decisions on lease accounting subsequent to October 2014 and provide KPMG’s observations on their potential impacts.