UK FRC comments on revised leases exposure draft

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16 May, 2013

The UK Financial Reporting Council (FRC) has issued a statement in support of the IASB’s efforts towards improving lease accounting.

The FRC’s Executive Director of Codes and Standards, Melanie McLaren, states:

The endeavours of the IASB to improve lease accounting are to be applauded.  The FRC supports the overall aims of the IASB project and so welcomes this revised Exposure Draft as a step forward in that process.  In principle, we agree that IAS 17 should be replaced so as to provide better information to users on the liabilities associated with leases.

Additionally, the FRC is seeking feedback from UK constituents regarding the proposals set forth in the exposure draft and whether the benefits outweigh the costs. Also, the FRC will host a discussion forum on the exposure draft that will include the IASB staff on 10 July at 9:00 BST. The forum will provide UK constituents an opportunity to voice their views on the exposure draft and aid the FRC in developing a response to the IASB.

More information on how to provide feedback to the FRC and participate in the discussion forum is available in the press release on the FRC website.

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