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With IASB Leasing Rule Final, FASB Calls on US Companies to Plan Adoption

Tammy Whitehouse | January 13, 2016

As the International Accounting Standards Board releases its final standard on leasing, U.S. rule makers are advising companies to get busy preparing to transition to a new standard under U.S. rules as well.

The IASB issued its long-awaited leasing standard requiring all companies following International Financial Reporting Standards to reflect assets and liabilities associated with lease obligations on their balance sheets. The IASB says listed companies following either IFRS or U.S. Generally Accepted Accounting Principles have an estimated $3.3 trillion in lease obligations that do not appear in financial statements except through footnote disclosures. 

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