September 2010
On 17 August, the IASB brought the summer break to a premature halt with the publication of the long-awaited exposure draft on leases.
If the Board’s proposals are finalised, all leases will have to be recognised in the lessee’s statement of financial position, regardless of whether it is an operating or a finance lease. The accounting treatment of leases is also drastically changed for lessors, whereas the discussion paper published in March 2009 only addressed the question of lessee accounting.
Beyond the GAAP brings you a two-part update on the main measures which should replace IAS 17 by the end of 2011. The date of mandatory application of the new standard remains uncertain.
