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IFRS Foundation publishes update on leases project

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Aug 08, 2014

The IFRS Foundation staff has published a project update that sets out the key tentative decisions reached on the leases project during the first half of 2014. The project update 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-FASB ("the boards") project 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.

Exposure draft ED/2013/6, Leases, was published on May 16, 2013, with a comment deadline of September 13, 2013. Extensive feedback was received on the proposals contained in the exposure draft, and during the first half of 2014 the boards redeliberated and reached tentative decisions on many aspects of the project. The boards will continue their joint deliberations during the second half of 2014.

The new leases standard is expected to be issued in 2015.  

The IASB has provided a podcast to accompany the project update; both the podcast and the projet update can be accessed on the IASB's Web site.

Deloitte has followed the boards' redeliberations, and all tentative decisions to date that support the project update can be accessed on the leases project page.

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