Heads Up on IASB-FASB leases discussion paper
We have posted a new issue of the 'Heads Up' Newsletter: FASB and IASB Issue Preliminary Views on Lease Accounting: Boards Propose to Eliminate Operating Leases from Deloitte (United States).
This Heads Up reviews the Discussion Paper issued on 19 March 2009 jointly by the IASB and the FASB outlining the boards' preliminary views on a new lease accounting model. The model is based on the principle that all leases give rise to liabilities for future rental payments and assets (the right to use the leased asset) that should be recognised in an entity's statement of financial position. Comment deadline on the discussion paper is 17 July 2009.