The timescale for the introduction of the new lease accounting standard has been outlined at a briefing by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) following the release of a revised exposure draft.

The plan is to issue the new leasing standard in the first quarter of 2014 with full implementation dates confirmed at a later date. This follows the four-month consultation period.

'We will start the deliberations on the feedback towards the end of 2013 and the standard will be published in 2014. The most important thing is to finish off the standard in the first semester of 2014, then we will confirm the implementation date,' said Hans Hoogervorst, chairman of the IASB.

'Obviously this standard is not a very popular one because of the on-balance sheet financing issue. This is not an easy standard - leasing is not clearly a service and not clearly a financing issue. Conceptually it is very difficult.'

The standard is a joint initiative and is being developed in conjunction with the US FASB - both boards admit that the process has not been easy.

Leslie Seidman, chairman of the FASB, said: 'There were a couple of points in time where the boards have disagreed so we did more fieldwork and then could come back to a converged position.'

Hoogervoorst added: 'I really hope that having come so far we can remain converged on this until the end.'

The US standard-setter plans to hold workshops and meetings with stakeholders over the summer. Seidman said: 'We are going to take a very proactive approach to meet with stakeholders.'

Rebutting criticism that the new standard would reduce the amount of information provided to investors, Seidman stressed that 'this proposal does include a significant enhancement to disclosure'.

The closing date for responses to the exposure draft is 13 September 2013.

IASB will be holding live webcasts on 20 May at 08.30 and 15.30 to discuss the proposals and field questions from interested stakeholders. Register HERE