Category Archives: Uncategorized

IFRS 16 Leases

On January 13, 2016, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard 16 Leases (“IFRS 16” or “the Standard”) substantially changing the manner in which lessees account for leases. IFRS 16 is effective for annual periods beginning on or after January 1, 2019. The Financial Accounting Standards Board is expected to issue… Read More »

Lease Accounting Standard Effective Date

At its November 11, 2015 meeting, the Financial Accounting Standards Board (“FASB” or “the Board”) decided in principle to approve the proposed changes to lease accounting. We would expect that the final leases standard would be published in the first quarter of 2016. Additionally, at this meeting, the FASB decided that for public business entities,… Read More »

October 2015 Lease Accounting Update

The lease accounting project is getting much closer to finalization. At its October meeting, the Financial Accounting Standards Board (“FASB” or “the Board”) discussed the comments received as a result of an external review of the latest draft document. Although a significant number of comments were received, the Board made few changes to the proposed… Read More »

New Lease Standard is on the Horizon

There has not been much publicity over the last two months about the proposed changes to lease accounting. However, it is our understanding the staffs of the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) (collectively “the Boards”) are near completion of a final standard to be issued by each of… Read More »

Lease Accounting Project – February 2015 Update

The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”), collectively (“the Boards”) met separately in February 2015 and substantially concluded their redeliberations on the proposed changes to lease accounting. The Boards came to different conclusions on a number of matters. Regarding lessee transition to the new accounting standard, the FASB decided… Read More »

The Proposed Lease Accounting Changes – Effect on Retailer

The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) (collectively “the Boards”) are in the process of completing a major Joint Accounting Project which will dramatically change the way that lessees account for their portfolio of leases. The objective of the Boards’ Joint Project was convergence on lease accounting, namely, an… Read More »