Preparers Concerned About Change In Direction Of FASB, IASB's Leasing Project

Posted by accountingweb on May 27 2011 1166 printer friendly

Given the pervasiveness of leasing as a business practice and the potential impact of changes in lease accounting rules, FEI’s Committee on Corporate Reporting (CCR) has been following this project with great interest. Last week, several members tuned in to the webcast of the FASB-IASB joint board meeting and shared their views with me on the latest developments. In the view of those members, the changes voted on by the boards erased the substantial progress that had been made in redeliberations and made the standard more difficult and expensive to implement. [NOTE: Let me remind you of the disclaimer posted in the right margin of this blog; the disclaimer applies to my comments as well as those of the FEI members noted herein.] In brief, according to these members, the Boards decided to:

Require front-end loaded expense recognition for all leases
Eliminate special accommodations for short-term leases
Reinstitute a complex approach to determining lease term

Refer to FASB’s official Summary of Board Decisions for full results of the meeting. See also these additional insights on preparer's views on the FASB-IASB's leasing project.

View the discussion thread.

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