Jan 112015
(First of two parts)
THE INTERNATIONAL Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), which we will collectively refer to as “the Boards,” are currently working on a new standard on leases (the “Leases Project”). The project aims to improve lease accounting under both International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (US GAAP), and at the same time is intended as a convergence effort to align lease accounting under the two accounting standards. A first Exposure Draft (ED) was issued in August 2010 which was followed by second version in May 2013 (the 2013 ED).