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IASB publishes update on the definition of a lease

  • IASB (International Accounting Standards Board) Image

Oct 29, 2015

The IASB staff has published a short project update that provides an overview of how a lease will be defined in the IASB’s new standard on leases. The project update also includes a working draft of the application guidance and accompanying illustrative examples that will be included in the forthcoming standard on the definition of a lease.

The purpose of the update is to help stake­hold­ers prepare for the im­ple­men­ta­tion of the new standard. The IASB staff points out that the determination of the population of contracts to which the new leases standard applies is likely to be the first step entities will undertake in im­ple­ment­ing the new leases standard. The project update is available on the IASB's Web site.

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