The March 2015, Issue 17 of KPMG ISG’s IFRS Newsletter: Leases – Permission to Ballot summarizes the meetings of the FASB and the IASB from November 2014 through March 2015 at which the Boards primarily discussed lessee disclosures and transition. Unlike the FASB, the IASB confirmed that it will include a small-ticket lease exemption in its new standard. As has been the case in each joint meeting since March 2014, the Boards reached converged decisions in the reconsideration of some of their proposals, but disagreed about other key areas.
Each Board directed its respective staff to write a final standard, and opted to prepare non-converged ballot drafts. Neither Board has decided when its new standard will become effective, but each plans to issue its final standard by the end of 2015.