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.

Related Summaries