Nov 09, 2015
From the Financial Reporting Network
The IASB recently released Project Update: Definition of a Lease (October 2015), which summarizes how a lease will be defined in its forthcoming standard about leases, and includes a working draft of the application guidance and accompanying illustrative examples that the IASB expects to include in that standard. The FASB and IASB agreed to the definition of a lease.
The IASB completed the decision making about its leases project, and plans to issue its new standard by the end of the year. The standard will be effective for annual periods beginning on or after January 1, 2019.