FASB lease proposal passes board vote by 4-3

04/29/2013 | JournalofAccountancy.com

The Financial Accounting Standards Board approved a proposal April 10 to require all leases to be reported on balance sheets, to be converged with the International Accounting Standards Board model. The proposal would require a separate accounting of leases in which significant consumption of the asset occurs during the lease period. The dissenting voters felt that the proposal added complexity without providing more information. The lease proposal will be released for public comment later this spring.

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