The Financial Accounting Standards Board is pressing on with its planned fourth-quarter release of the final new accounting standard on leasing, despite a fresh push from a member of the House Financial Services Committee to reassess the potential economic consequences.
In an exchange of correspondence over dueling academic studies, Rep. Brad Sherman, a California Democrat and senior member of the Financial Services Committee, implored FASB Chairman Russ Golden to pay closer attention to analysis that says the proposed leasing standard will exact a heavy toll on the U.S. economy. Golden replied by defended FASB’s due process to date, saying many of the concerns raise in the work Sherman cites have been refuted or addressed in deliberations on how the final standard will read.
