UPDATE
Subsequent to this article going to press, the FASB/IASB Boards conducted a meeting on May 19, 2011 at which they unexpectedly reversed some of their tentative decisions favorable to the industry.
The high volume of comment letters (781) and numerous outreach meetings had common criticisms, causing the FASB/IASB Boards to re-deliberate issues in the Leases Project Exposure Draft.
UPDATE
Subsequent to this article going to press, the FASB/IASB Boards conducted a meeting on May 19, 2011 at which they unexpectedly reversed some of their tentative decisions favorable to the industry.
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