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Document setting out the likely practical effects of the forthcoming standard on leases

  • IFRS - IASB Image

Mar 16, 2015

On March 16, 2015, the International Accounting Standards Board (IASB) published a document that provides an overview of (i) the likely practical effects of the new standard on leases and (ii) the similarities and differences between the IASB’s requirements and those of the Financial Accounting Standards Board.

On May 16, 2013, the IASB and FASB issued a revised exposure draft to improve the accounting for leases. The boards worked closely together on this project, however, the final conclusions are not converged although the boards have reached the same decisions in many areas. Both boards will be ending their redeliberations soon and will be deciding on an effective date within the next few months. The IASB's new leases standard is expected to be issued before the end of 2015.

For more information, see the document on the IASB’s website.

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