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FASB, IASB Reveal Latest Lease Overhaul Proposal

Tammy Whitehouse | May 16, 2013

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.

FASB and the IASB built the proposed new standard around a core principles that assets and liabilities arising from a lease should be recognized on the balance sheet, a concept unchanged from the boards' original proposal in September 2010. The new standard... To get the full story, subscribe now.