In 2011 the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) have been re-deliberating their proposals for a new lease accounting standard in response to nearly 800 comment letters received on their leases exposure draft (ED) issued last year. As a result of substantial feedback to this important convergence project, and after a number of changes to the initial proposals, the boards recently announced plans to re-expose revised proposals in Q4, with a view to finalising the standard by June 2012.