Heads Up on leases proposals
18 Aug 2010
Deloitte (United States) has published a new Heads Up newsletter discussing the exposure draft (ED) Leases, issued by the FASB and IASB. The ED, released by the FASB as a proposed Accounting Standards Update (ASU), creates a new accounting model for both lessees and lessors and eliminates the concept of operating leases. The proposed ASU, if finalised, would converge the FASB's and IASB's accounting for lease contracts in most significant areas.
The table below, reproduced from the newsletter, highlights the most significant provisions of the proposed lease accounting model:
Lessees
Lessors
Business Consequences
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Click for:
- Heads Up newsletter FASB Draws a Bright Line Through Operating Leases - Proposed ASU Revamps Lease Accounting (PDF 222k)
- Heads Up archive
- Proposed Accounting Standards Update - Leases (Topic 840) (link to FASB website)
- IASB ED/2010/9 Leases (link to IASB website)
- Our Leases project summary