IASB staff publishes update on the leases project
24 Feb 2015
The IASB staff has published a document that provides an overview of the definition of a lease as it would be defined in the upcoming leases standard as well as (1) accompanying guidance to assess whether a contract is a lease, (2) a summary of decisions, and (3) examples portraying hypothetical situations.
On 16 May 2013, the IASB and FASB issued a revised exposure draft to improve the accounting for leases. The boards will be ending their redeliberations soon and will be deciding on an effective date within the next few months. According to this update, the new leases standard is expected to be issued by the IASB before the end of 2015, which is slightly different than the IASB’s current work plan of an expected issuance in second half of 2015.
For more information, see the document on the IASB’s website. In addition, Deloitte has followed the redeliberations of the IASB and all tentative decisions to date; see our leases project page for details.
