Document setting out the likely practical effects of the forthcoming standard on leases
16 Mar, 2015
The IASB has published a document that provides an overview of (1) the likely practical effects of the new standard on leases and (2) the similarities and differences between the IASB's requirements and those of the US Financial Accounting Standards Board (FASB).
On 16 May 2013, the IASB and FASB issued a revised exposure draft to improve the accounting for leases. The boards worked closely together 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. In addition, Deloitte has followed the redeliberations of the IASB and all tentative decisions to date; see our leases project page for details.
