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Lease Accounting Project: February 2015 Update
The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”), collectively (“the Boards”) met separately in February 2015 and substantially concluded their redeliberations on the proposed changes to lease accounting. The Boards came to different conclusions on a number of matters. Regarding lessee transition to the new accounting standard, the FASB decided…
Proposed Lease Accounting Changes and Their Effect on Retailers
The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) (collectively “the Boards”) are in the process of completing a major Joint Accounting Project which will dramatically change the way that lessees account for their portfolio of leases. The objective of the Boards’ Joint Project was convergence on lease accounting, namely, an…
Recap of the December 16, 2014 FASB/IASB Lease Meeting
The topic of leases has been an ongoing point of discussion for the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). They have been diligently revisiting the proposals outlined in the May 2013 Exposure Draft on Leases, with a particular focus on refining the definition of what constitutes a lease. During…
Preparing for Lease Accounting Changes: A Quick Guide
The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) are proposing major changes in the accounting for leases for both lessees and lessors, with the major emphasis being directed to the lessee community. The result of these changes will be the elimination of the operating lease form of accounting, except for…
FASB Lease Project Update: Key Meeting Highlights
The Financial Accounting Standards Board (“FASB” or “the Board”) met on August 27, 2014 to deliberate the proposed lease accounting standard project. Although this is a joint project with the International Accounting Standards Board (“IASB”), this was a FASB only board meeting.
July 23, 2014: Key Highlights from the Joint Board Meeting
On July 23, 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), collectively referred to as the Boards, convened to advance discussions regarding their Joint Proposal on Lease Accounting. These discussions, primarily focused on lessee accounting issues, delved into the intricacies of accounting for sale and leaseback transactions, shedding light…
Joint FASB/IASB Roundtable Discussion on Lease Standards
Earlier this week, I attended one of the Joint FASB/IASB Roundtable session on Leases held in Norwalk CT. There were only about 15 attendees from those who submitted comment letters which was somewhat surprising since there were close to 600 comments letters submitted. Numerous FASB and IASB Board members and staff were also in attendance….
Lease Accounting Exposure Draft: Expense Presentation Overview
In our posting earlier this month, we provided highlights of the May 2013 revised Exposure Draft jointly issued by the FASB and IASB proposing major changes to the manner in which lessees would account for their lease contracts. In that posting, we discussed the fact that leases would be classified based upon the nature of…
Revised Lease Accounting Exposure Draft Now Issued
The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) issued a Revised Exposure Draft (“ED”) earlier this week proposing major changes to the manner in which lessees would account for their lease contracts. The Revised ED contained a number of revisions to the 2010 Exposure Draft that the Boards originally issued…
New Lease Standard: What’s Changing and When
The recent decision by the Financial Accounting Standards Board (FASB) to issue an updated Lease Accounting Exposure Draft has stirred considerable attention within the financial reporting community. This move comes after a series of delays and intense deliberations, with a close 4-3 vote in favor of issuance indicating the complexity and controversy surrounding the proposed…
Lease Accounting Update: Lease Components in Contracts
The FASB and the IASB (The Boards) met on January 30, 2013 to continue further deliberations on the Lease Accounting Project. The discussions were narrowly focused on the instances where multiple lease components are contained in a single lease contract. As examples, multiple pieces of equipment could be leased under a single lease contract, a single…
Key Updates from Recent FASB and IASB Meetings
The issuance of the final standard for lease accounting will likely be delayed until the first half of 2012. At the least, there will be another draft version of the new standard made available for review and comments. There still has not been any decision made regarding the effective date of the new standard. The…
Reversal of Lease Classification & Expense Recognition Changes
In our review of the FASB and IASB tentative conclusions reached in April, we noted that the Boards had agreed to introduce two classifications for lessee accounting depending upon whether the lease was considered to be a finance lease or other-than- finance lease. Both lease types would have been required to be recognized on the…
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