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Exposure Draft on New Lease Accounting To Be Out Week of August 9th July 26, 2010

Posted by Bob Cook in Financial Planning & Analysis, Lease Accounting.
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The IASB has issued a podcast summary of the joint FASB/IASB board meeting for July.  In it, they state that they are working towards issuing the Exposure Draft during the week of August 9th. 

The Exposure Draft had been delayed so that the boards could agree upon the method by which lessors are to account for leases.  There were two methods proposed: (1) Derecognition and (2) Performance Obligation.  They decided to use the former where the risks of ownership have passed to the lessee and the latter where they had not.

Once the Exposure Draft is issued, interested parties will have until the end of Q4 /2010 to comment on its contents.  These contents should not be a surprise, though, to those who have read the Discussion Draft of March 2009 and followed the subsequent deliberations of the accounting boards.

You can click on the “Lease Accounting” category on the navigation bar to the right to see my previous posts on lease accounting and how it will affect corporate real estate.

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