FASB, IASB outline possible lease-accounting approach

03/20/2009 | JournalofAccountancy.com

The Financial Accounting Standards Board and the International Accounting Standards Board are asking for feedback on a potential approach to lease accounting based on the idea that all leases result in liabilities and should be recognized on balance sheets. The approach, outlined in a discussion paper, relates to concerns about the treatment of lease contracts under International Financial Reporting Standards and U.S. GAAP. For daily updates on IFRS, visit www.IFRS.com.

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