Global standard setters re-expose leasing draft

A FRESH ROUND of consultation on the common leasing standard has been ushered in by the International Accounting Standards Board and its US equivalent the FASB.

Comments have already been taken on the standard and this second consultation indicates board decisions are “sufficiently different from those published in the exposure draft to warrant re-exposure of the revised proposals”.

One major revision is to lease accounting, which is to report lease obligations and the related right-to-use on the balance sheet. FASB chairman Leslie F Seidman said “many other changes” have been made in response to stakeholder feedback, and it was time to give them to chance to comment further.

The boards will continue to deliberate on the standard and comments received, with a view to publishing a revised exposure draft towards the end of the year.

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Fiona Westwood of Smith and Williamson.