On 19 July 2006, the International Accounting Standards Board (the Board) and the US Financial Accounting Standards Board (FASB) added a joint project on leasing to their respective agendas.
The boards also established a joint working group for the project to seek the views of both users and preparers of financial statements as the project progressed. The first working group meeting was held in February 2007.
Because the leasing project was a joint project between the Board and the FASB, the working group was an international group serving both boards. The composition of the working group reflected the diversity and breadth of interest in this area, and ensured a satisfactory balance of perspectives.
The working group comprised individuals from a variety of backgrounds—preparers, auditors and users of financial statements, subject-matter experts, and others.
The changes introduced by IFRS 16 Leases and Topic 842 Leases completed the work of the Board and the FASB to improve the accounting for leases. Therefore, the issuance of these standards in 2016 brought the work of the Lease Accounting Working Group to a conclusion.