IASB and FASB announce re-exposure of lease accounting proposals

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21 Jul 2011

The IASB and FASB have announced their intention to re-expose their revised proposals for a common leasing standard.

In a press release announcing the decision, the IASB and FASB noted that even through the boards have not completed all of their deliberations, the decisions taken to date were sufficiently different from those published in the exposure draft to warrant re-exposure of the revised proposals. Re-exposure is designed to provide interested parties with an opportunity to comment on revisions the boards have undertaken since the publication of the original proposals in August 2010.

In an updated work plan dated 30 June 2011, the IASB has previously indicated that the next step in the leases project would either be a review draft of the final IFRS, or re-exposure of the proposals. Given the boards had previously decided to re-expose the revenue recognition proposals, re-exposure of the leasing proposals is perhaps not unexpected.

The boards intend to complete their deliberations, including consideration of the comment period, during the third quarter of 2011 with a view to publishing a revised exposure draft shortly afterwards.

Click for IASB press release (link to IASB website). We maintain a history of the leases project Here.

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