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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 yet considered the issues to try to establish fully converged views on how to write new standards for U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards. FASB decided for its part that it wants to see lease terms deemed a recognition issue, which would require entities to make some upfront judgments about their likely obligations over the expected life of the lease if they have some uncertainty about their ultimate obligations.

For example, when an entity has a 10-year lease with an option to renew for another...

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