More than a year after the Financial Accounting Standards Board published it final standard on lease accounting, Deloitte says it’s hearing enough questions about how to apply the new rules it decided to publish a question-and-answer paper to articulate its views.
In the 59-page Q&A, Deloitte describes where it hears uncertainty over how to apply the new rules and its perspectives how how those uncertainties should be addressed. It also points out uncertainties for which even the best thinkers on the subjective have not come to clear resolution of what companies should do.
The Q&A covers the definition of a lease — yes, there are still questions around how a lease is defined — along with issues such as the model for lessees vs. lessors, how leases are classified, the key components or “ingredients” of the lease model...
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