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Saturday 23 August 2014

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2010 outreach on the exposure draft


On 17 August 2010 the IASB and the US FASB (the boards) published for public comment joint proposals to improve the financial reporting of lease contracts.

As a part of their outreach on the leases project, the boards conducted field work to test whether the proposals were operational as well as identifying the costs and benefits of their proposed requirements. The 2010 outreach comprised preparer and users questions.

If you wish to see the results of the 2010 outreach please click here.

 

Preparer part of outreach (lessees and lessors questionnaire)

As part of the outreach on the leases project, the boards were surveying organisations on their use of, and accounting for, leases. The questionnaire was designed to help inform the boards about these activities and included lessees as well as lessors.

The questionnaire provided an opportunity for volunteers to express interest in participating in assessing the application of the proposals for lease accounting. The outreach consisted of considering the costs and ease or difficulty of applying the new proposals as well as limited consideration of the effects for some of the entity's lease contracts on the financial statements.

At the end participants were asked to present their findings in workshops with the boards. We hold several workshops across the world, each bringing several companies together. The boards selected a sample from the pool of organisations that express interest in participating in this exercise. The outreach took place during October and workshops during November and December 2010.

If you wish to see the lessee questionnaire, please click here.

If you wish to see the lessor questionnaire, please click here.

User part of outreach

In the user part of the outreach, the boards asked users of financial statements to review a set of fictitious financial statements before and after the application of the proposals and answer a set of questions. This part of the outreach began in late October 2010.