IFRS Foundation publishes update on leases project

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08 Aug, 2014

The IFRS Foundation staff has published a document setting out the key tentative decisions reached on the leases project during the first half of 2014. The document also explains the IASB’s reasons for reaching those tentative decisions and explains the remaining work to be done in completing the project.

The leases project is a joint IASB-Financial Accounting Standards Board (FASB) project that 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.

ED/2013/6 Leases (“the Exposure Draft”) was published on 16 May 2013.  Extensive feedback has been received on the proposals contained within the Exposure Draft and during the first half of 2014 the boards of the IASB and FASB (“the Boards”) have redeliberated and reached tentative decisions on many aspects of the project.  During the second half of 2014, the Boards will continue their joint deliberations.

It is expected that the new leases standard will be issued in 2015.  

Alongside the document, an accompanying podcast is provided.  Both the podcast and the document can be accessed on the IASB website.

Deloitte has followed the redeliberations of the Boards and all tentative decisions to date; see our leases project page for details.

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