NEWS RELEASE 07/21/11
IASB and FASB Announce Intention to Re-Expose Leasing
Proposals
Norwalk, CT, July 21, 2011—The International
Accounting Standards Board (IASB) and the US-based Financial Accounting
Standards Board (FASB) announced today their intention to re-expose their
revised proposals for a common leasing standard. Re-exposing the revised
proposals will provide interested parties with an opportunity to comment on
revisions the boards have undertaken since the publication of an exposure draft
on leasing in August 2010.
Even through the boards have not completed all
of their deliberations, the decisions taken to date were sufficiently different
from those published in the exposure draft to warrant re-exposure of the revised
proposals. The boards intend to complete their deliberations, including
consideration of the comment period, during Q3 2011 with a view to publishing a
revised exposure draft shortly afterwards.
Commenting on the decision,
Hans Hoogervorst, Chairman of the IASB said:
Although we have yet to conclude our
deliberations on this project, the direction of travel indicates that there are
aspects of our revised proposals that would benefit from additional input from
interested parties.
Leslie F Seidman, Chairman of the FASB,
said:
During our discussions of the extensive comments
we received on the exposure draft, the boards have reaffirmed the major change
to lease accounting, which is to report lease obligations and the related
right-to-use on the balance sheet.
However, the boards decided to make
many other changes to address the comments made by stakeholders. The boards
decided that, while we still have other matters to discuss, stakeholders would
appreciate the opportunity to comment on the revised package of
conclusions.
Further details will be available shortly from the leases
project sections of the IASB and FASB websites.
Press
enquiries:
Neal McGarity, Director of Communications, Financial
Accounting Foundation
Telephone: (+1) 203 956-5347
Email: nemcgarity@f-a-f.org
Mark
Byatt, Director of Corporate Communications, IFRS Foundation
Telephone: +44
(0)20 7246 6472
Email: mbyatt@ifrs.org
Notes to editors
About the IASB
The IASB was established in 2001 and is the
standard-setting body of the IFRS Foundation, an independent, private sector,
not-for-profit organisation. The IASB is committed to developing, in the public
interest, a single set of high quality global accounting standards that provide
high quality transparent and comparable information in general purpose financial
statements. In pursuit of this objective the IASB conducts extensive public
consultations and seeks the co-operation of international and national bodies
around the world. The IASB has 15 full-time members drawn from 11 countries and
a variety of professional backgrounds. By 2012 the Board will be expanded to 16
members. Board members are appointed by and accountable to the Trustees of the
IFRS Foundation, who are required to select the best available combination of
technical expertise and diversity of international business and market
experience. In their work the Trustees have a formal public accountability link
to a Monitoring Board of public capital market
authorities.
About the FASB
Since 1973,
the Financial Accounting Standards Board has been the designated organization in
the private sector for establishing standards of financial accounting and
reporting. Those standards govern the preparation of financial reports and are
officially recognized as authoritative by the Securities and Exchange Commission
and the American Institute of Certified Public Accountants. Such standards are
essential to the efficient functioning of the economy because investors,
creditors, auditors, and others rely on credible, transparent, and comparable
financial information. For more information about the FASB, visit our website at
www.fasb.org.