Associations Seek Role in Accounting Standard Reinterpretation

In a recent development in the ongoing reinterpretation of the accounting standard for commercial leases by the International Accounting Standards Board ('IASB') and the Financial Accounting Standards Board ('FASB'), The Equipment Leasing and Finance Association ('ELFA') has announced that six equipment finance representative associations from around the world have signed a joint communication seeking to have them play an instrumental and constructive role in the process. The joint communication by the ELFA, the UK Finance and Leasing Association, Leaseurope, the British Vehicle Rental and Leasing Association, the Australian Finance Conference, and the Canadian Finance & Leasing Association set forth 11 key principles that should be addressed as the IASB and FASB proceed with deliberations toward a single, efficient global leasing standard.