Leasing is a global business, and differences in accounting standards can lead to considerable non-comparability. This joint IASB-FASB project seeks to improve the accounting for leases by developing an approach that is more consistent with the conceptual framework definitions of assets and liabilities. The project would result in a replacement of IAS 17 Leases.
An earlier G4+1 Study had recommended capitalising property rights inherent in all leases.
Current status of the project
ED/2013/6 Leases was published on 16 May 2013. The comment deadline closed on 13 September 2013. A finalised IFRS is expected during the fourth quarter of 2015 or the first quarter of 2016.
|July 2006||Added to the IASB's agenda|
|19 March 2009||Discussion Paper DP/2009/1 Leases: Preliminary Views published||Comment deadline 17 July 2009|
|17 August 2010||Exposure Draft ED/2010/9 Leases published||Comment deadline 15 December 2010|
|21 July 2011||IASB/FASB announce intention to re-expose proposals||ED originally expected in first half of 2012|
|16 May 2013||Exposure Draft ED/2013/6 Leases published||Comment deadline 13 September 2013|