The International Accounting Standards Board's Capital Markets Advisory Committee is urging the standards-setting body to proceed with the converged lease accounting standard, despite the mounting criticism against it. The Investor Advisory Group for the Financial Accounting Standards Board recently came to the opposite conclusion and asked the FASB to fall back to a position in which only new disclosures would be required. The IASB user advisory group says a disclosure-only approach would be "sub-optimal."
Staples Canada is reportedly making plans to downsize 39 of its 330 stores in the coming months, cutting the average store from 25,000 square feet to 15,000 and subletting the extra space to other retailers. Thirteen of the stores have leases that expire within the next 12 months, which gives the retailer the option of closing them altogether.
Bloomberg says it will take the Commodity Futures Trading Commission to court if the agency sticks to its plan to force investors in credit-default and interest-rate swaps to post margins to cover a default for five days. Futures require only one-day coverage. Bloomberg maintains that the rule "threatens significant adverse effects for Bloomberg, other [swap-execution facilities], participants in the swaps and futures markets, and investors and taxpayers generally."
Inland Real Estate Acquisitions Inc. closed on the final portion of its acquisition of of SunTrust Bank Portfolio II. The overall transaction included 433 triple-net lease properties with more than 2.2 million square feet and was valued at $736 million.