Mar 02, 2015
From the Financial Reporting Network
KPMG LLP recently commented on the GASB Preliminary Views, Leases, which summarizes the GASB’s views about the significant issues related to accounting for leases and seeks feedback as a step toward issuing an Exposure Draft of a GASB Statement. KPMG supports the GASB’s objective to reexamine accounting and financial reporting for leases, and the fundamental principle in the Preliminary Views that all leases are financings of the right to use an underlying asset. The firm also suggested additional items for the GASB to consider to strengthen the proposal.