Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

FASB will issue another exposure draft on leases

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IASB and FASB announced they will release another exposure draft on the major changes to lease accounting. The volume of revisions they plan to make to the original exposure draft are significant enough that they want to another round of discussion. There announced timeframe is to finish their deliberations in the third quarter of 2011 with another exposure draft shortly after that.

Don’t expect a change in the basic concept that all leases are going to be brought onto the balance sheet. The news release makes that quite clear:

Leslie F Seidman, Chairman of the FASB, said:

During our discussions of the extensive comments we received on the exposure draft, the boards have reaffirmed the major change to lease accounting, which is to report lease obligations and the related right-to-use on the balance sheet.

Keep your eyes open for a new ED towards the end of 2011.

Read the FASB’s  news release here.

A few of my previous posts on expected changes to leases can be found here, here, here, and here.

(Hat tip: Going Concern)

Written by Jim Ulvog

July 22, 2011, 7:35 am at 7:35 am

Posted in Accounting

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