Welcome to the website of the IFRS Foundation and the IASB

Wednesday 22 October 2014

Banner graphic

Leases

Exposure draft and comment letters [Aug 2010]


 

 Exposure draft and Comment letters


 

On 17 August 2010 the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) published for public comment joint proposals to improve the reporting of lease contracts. The proposals are one of the main projects included in the boards� Memorandum of Understanding. The proposals, if adopted, will greatly improve the financial reporting information available to investors about the financial effects of lease contracts.

The accounting under existing requirements depends on the classification of a lease. Classification as an operating lease results in the lessee not recording any assets or liabilities in the statement of financial position under either International Financial Reporting Standards or US standards (generally accepted accounting principles). This results in many investors having to adjust the financial statements (using disclosures and other available information) to estimate the effects of lessees� operating leases for the purpose of investment analysis. The proposals would result in a consistent approach to lease accounting for both lessees and lessors�a �right-of-use� approach. This approach would result in all leases being included in the statement of financial position, thus providing more complete and useful information to investors and other users of financial statements. 

Comment letter deadline

The exposure draft was open for comment until 15 December 2010.

Click here to access the comment letters on the FASB website.

To view a comment letter summary for exposure draft letters, click here.

 

Due process document Accompanying material
Exposure Draft: Leases [English] (with editorial corrections posted 18 August 2010)[PDF] Basis for Conclusions:  Leases  [PDF]
公開草案: リース [Japanese][PDF] 結論の根拠 公開草案: リース [Japanese][PDF]
Expos�-sondage: Contrats de location [French][PDF]

Several editorial corrections were made to the text of the draft standard. Click hereto view a PDF document of these corrections.

Related information

Click here for a Snapshot summary on the exposure draft

Listen to a webcast introducing the exposure draft.  Morning and Afternoon, 18 Aug 10

Click here for press release 

Click here to view letters received outside the comment period.