It was never going to be an easy ride but after eight years of joint collaboration between the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) on leasing standards, the latest chapter in negotiations could mark a point of irreconcilable differences.

Last March saw the two standard-setters engage in the latest round of talks on their long-running leasing project, as they continued to thrash out a number of issues including the lessee and lessor accounting models, lease term, and exemptions and simplifications.