The proposals will affect the financial reporting for both lessors and lessees, by recognising the assets and liabilities from operating lease contracts in their statement of financial position.
The changes would particularly affect entities with significant operating leases of large, expensive assets, such as aircraft.
Other entities that will be affected include those with leased assets in the mining, construction and transport sectors, as well as entities with leased buildings, such as head offices and retail premises.
Comments were due to the IASB by 15 December 2010.