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Where next for the joint leasing standard?

If we do see a new leasing standard from the IASB this year, it’s unlikely to be the fully converged standard originally hoped for, warns Sarah Perrin ACA, who talks to leading accounting experts in the UK about the chances of achieving agreement

Lease accounting is the last ongoing main convergence project undertaken by the international and US standard setters. Although some changes to lessor accounting are expected, lessee accounting is the area of biggest impact – affecting most companies and likely to cause big changes to balance sheets.

Since the project got underway in 2008, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have published a discussion paper and two exposure drafts, changing their proposed model along the way.

Now the two standard setters are heading down differing accounting paths, although they continue to share one overriding goal.

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