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Leases

Date recorded:

The Board reviewed (briefly) whether it had complied with the due process steps [as required in the IASB Due Process Handbook based on the steps listed in paragraphs 110-111 ('Comply or explain' approach) of the Handbook] in the leases project. In particular, the Board considered whether the Board had responded sufficiently with respect to the criticism that the leasing model included in the Discussion Paper DP/2009/1 Leases was incomplete because the lessor accounting was not sufficiently developed.

The Board noted that comments received from constituents on DP/2009/1 about lessor accounting had helped the Board to develop approaches to lessor accounting; that before issuing an exposure draft on leases, the Board was conducting significant outreach activities about the project to seek inputs from various constituents, including the lessor industry; and the Board would, during the exposure period and subsequent redeliberations, continue those discussions as they develop a final standard.

The Board concluded that all mandatory due process steps required by the IASB Due Process Handbook for this phase of the project had been performed. In addition, sufficient non-mandatory activities had been undertaken for this stage of the project.

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