The project was added to the IASB’s agenda in July 2006 and is part of the FASB and the IASB’s work programme towards convergence.

In March 2009 the IASB, jointly with the FASB, published a discussion paper Leases: Preliminary Views. The discussion paper was open for comment until 17 July 2009.

In August 2010 the IASB, jointly with the FASB, published an exposure draft Leases. The exposure draft was open for comment until 15 December 2010. The boards began redeliberations on the Leases exposure draft in January 2011.

Summary of outreach activity to date

The Board and staff have conducted extensive outreach on the ED Leases, which was published in August 2010, holding more than 200 meetings or events, including over 22 conferences and discussion forums. Round-table discussions were held in London, Hong Kong and the US, and conferences, working sessions, discussion forums and one-to-one discussions have also been held across all major geographical regions.

Targeted outreach performed after the comment letter period, to refine and develop the proposals based on the boards’ redeliberations, has involved representatives from accounting firms, local standard-setters, regulators, preparers and affected sectors (such as retail, financial services, real estate, transport, power and utilities, oil and gas, telecommunications, technology, outsourcing, shipping, airlines, healthcare and hospitality).

In addition to face-to-face interaction, technology such as webcasts (4 have been broadcast so far), video conferencing, podcasts, email alerts and the website have been used to engage with and inform interested parties. Click here to read more.