Global Standards for the world economy

Friday 28 April 2017

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IASB meeting summaries and observer notes

 Joint IASB and FASB April 2007


The boards discussed two possible approaches to the scope of the Leases project.

Under the first approach, the scope of the project would be limited to those arrangements within the scope of the current leasing standards (including those arrangements brought into the scope of IAS 17 Leases by IFRIC 4 Determining whether an Arrangement contains a Lease and into SFAS 13 Accounting for Leases by Issue 01-8 Determining Whether an Arrangement Contains a Lease). The second approach would involve a more fundamental reconsideration of when an arrangement conveys a right to use another entity´┐Żs asset.

The boards instructed the staff to begin developing a model for leases based on the scope of the current lease accounting literature. As the model develops and before publishing the preliminary views document, the boards will consider whether to extend the scope of the project to other arrangements that convey a right to use.

Date: 4/23/2007