Newsletter on leases proposals
Aug 24, 2010
Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB issues Exposure Draft on Lease Accounting. On 17 August 2010, the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) published a joint exposure draft ED 2010/9 Leases. The ED would eliminate the distinction between operating leases and finance leases and would introduce new accounting models for lessees and lessors. Lessees would no longer be permitted to treat leases as "off-balance sheet" financings but instead would be required to recognise an asset and liability for all leases within the scope of the proposals.