FASB / IASB address remaining issues, delay revised leases exposure drafts 

September 26:  At their September 20 meeting, the FASB and IASB (the Boards) clarified their previous tentative decisions on accounting for sale-leaseback transactions, and reached some additional tentative decisions on remaining issues related to the proposed dual model approach for lessee and lessor accounting.

The Boards also discussed with their staff the timeline for issuing revised lease accounting exposure drafts. The staff indicated that the revised exposure drafts likely would not be ready for issuance until the first quarter of 2013, and that re-deliberations of the revised exposure drafts likely would not begin until sometime during the second half of 2013.


Read a September 2012 report [PDF 267 KB] prepared by KPMG LLP: Defining Issues: Boards Address Remaining Issues and Will Delay Issuance of Revised Leases EDs



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©2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.