At long last, the Financial Accounting Standards Board and the International Accounting Standards Board have published their second draft of a proposed standard to overhaul lease accounting in a way that would bring all but the shortest-term leases on to corporate balance sheets. Three of FASB’s seven members are not on board with the proposal, however, calling it overly complex, overly burdensome on preparers, and missing the mark in providing information that will be useful to investors. Two IASB members also dissented, and all of their alternative views are included with the proposal.
