OUR THOUGHTS ON:

FASB and IASB to Re-Expose Leasing Proposals

Audit

By Donald Applegarth

From CCH ARM:

The FASB and IASB (Boards) have announced their intention to re-expose their revised proposals for a common leasing standard. The Boards believe that re-exposing the revised proposals will provide interested parties with an opportunity to comment on revisions proposed since the publication of the exposure drafts on leases in August 2010

Even though the Boards have not completed all of their deliberations, the Boards believe the decisions made to date are sufficiently different from those published in the exposure drafts to warrant re-exposure of the revised proposals. They intend to complete their deliberations, including consideration of the comment period, during the third quarter of 2011 and to publish revised exposure drafts shortly thereafter.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person any tax-related matter.

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