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  • Service: Audit, IFRS
  • Date: 6/24/2014

Continuing onwards with the leases project 

Despite reaching divergent views on fundamental aspects of their lease accounting proposals in March 2014, the IASB and the FASB continued their redeliberations on the leases project during the second quarter of 2014 – with the goal of minimising any further differences.

They discussed various aspects of the project, including the key question of how to define a lease.

 

Although the Boards agreed on most issues, they differed on some points – e.g. the reassessment of variable lease payments by lessees. This will further reduce the comparability of lessee accounting under IFRS and US GAAP.

IFRS Newsletter: Leases - issue 15, June 2014

Feature image
This edition of IFRS Newsletter: Leases provides an overview of the IASB and FASB discussions of the leases project during the second quarter of 2014.

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