Leasing

FASB, IASB Tee Up Lease Accounting Solution

Tammy Whitehouse May 18, 2012

After hitting an impasse over how to account for short-term, rental-like leases, the Financial Accounting Standards Board and the International Accounting Standards Board will regroup this week to discuss their findings, as they work to put the finishing touches on a revised lease accounting proposal.

Q&A: A Conversation With America's Top Accountant

Tammy Whitehouse October 04, 2011

In the latest of our Q&A interviews, we sat down with Leslie Seidman, chairman of the Financial Accounting Standards Board. Inside, Seidman discusses the status of FASB's efforts to converge U.S. accounting rules with International Financial Reporting Standards, FASB's work on loss contingencies, and what's next for the accounting standard setter, including a project that could lighten the disclosure burden.

Leveraged Leases Going Out of Style

Tammy Whitehouse July 26, 2011

The Financial Accounting Standards Board is putting the finishing touches on a new standard for leases that will include no special treatment for leveraged lease arrangements, and already companies are abandoning the financing technique. "Prices for all of those products will be higher because FASB is killing the product," says Bill Bosco, a public policy consultant with the Equipment Leasing and Finance Association.

FASB Plans to Re-Expose Lease Accounting Standard

Tammy Whitehouse July 22, 2011

Accounting standard-setters are republishing their latest ideas for how to treat lease accounting, and asking for more comments on the topic. The boards have made several changes to the original proposals, including how to treat uncertainties in lease contracts, but the latest proposal is expected to stick with the central idea that all leases should appear on the balance sheet.

Audit, Accounting Regulators Promise More Action

Tammy Whitehouse June 01, 2011

Tom Linsmeier of FASB, above, and Jay Hanson of the PCAOB both told Compliance Week 2011 attendees last week that new standards are on the way that (hopefully) will provide more clarity around corporate transactions to investors—but they also warned that good standards alone won't necessarily prevent future financial crises. More highlights from their keynote speeches inside.

FASB, IASB Revert to One Model for Lease Accounting

Tammy Whitehouse May 24, 2011

After flirting with the idea of allowing two different methods for lease accounting, the Financial Accounting Standards Board and the International Accounting Standards Board have decided to go back to the idea of a single model. Under the latest plan, the idea of creating a category for "other than finance" lease arrangements was scrapped.

New Leasing Proposal Divides, Hoping to Conquer

Tammy Whitehouse March 08, 2011

FASB's latest effort to revise lease accounting reverts back to two types of lease agreements and reduces the contingencies that companies would report in financial statements. Will it work? John Hepp, a partner with Grant Thornton, says at the very least, the idea improves upon the previous "single model" proposal.

FASB, IASB Conduct Survey on Leasing Habits

Tammy Whitehouse September 07, 2010

Companies that have any interests in leasing can help shape the future of lease accounting rules by completing a 20-minute survey.The Financial Accounting Standards Board and the International Accounting Standards Board are looking for companies on both sides of lease transactions—the lessees who acquire property or equipment under lease agreements...

FASB to Expand Approach in Lease Accounting Project

Tammy Whitehouse January 20, 2009

The Financial Accounting Standards Board will meet with its international counterpart later this week to discuss just how much it can accomplish in its joint project to revise lease accounting, with FASB championing a recently expanded view.FASB and IASB have been working together to develop new standards on lease accounting,...

FASB, IASB Inch Closer to Lease Accounting

Tammy Whitehouse November 20, 2008

The Financial Accounting Standards Board and the International Accounting Standards Board are targeting February 2009 to publish a discussion paper on how they plan to overhaul lease accounting.The boards met separately this week to hash out a number of areas where they either didn’t share the same view or hadn’t...

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