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Lease Accounting Project Update

By Bill Bosco

The previously stated goal of the FASB/IASB Boards was to release a new exposure draft by year-end 2011 followed by a 120-day comment period. This date has been pushed back, however. The new exposure draft will be issued in March or early April 2012 with a 120-day comment period. In addition, it is believed that because the FASB/IASB Boards may only have one more meeting, these latest amendments contain what will likely be the final version of the new exposure draft.

Key recent Boards' decisions include:

  • New transition methods for lessees and lessors;
  • New guidance for lessor accounting, including allowing operating lease accounting for lessors of certain real estate and sublessors in real estate subleases;
  • Disclosures for lessors; and
  • Business combinations accounting.

Executive Summary of Key Elements of the Total Project

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