WLN Columns

The Accounting Column

You may be ready, but what about your technology provider?
By Nancy Geary, CPA, CLP
posted: Feb 9, 2012

Like it or not, the leasing industry is in for a big change; a big accounting change, to be specific.  As we are all painfully aware, the Financial Accounting Standards Board (FASB), in conjunction with the International Accounting Standards Board (IASB), is working to make this change a reality.  With a second exposure draft slated for issue in the first half of 2012, and a final draft of the new standard expected before year end, it is a distinct possibility . . . read more

Proposed new lease rules – where are we now?
By Betty Davis, Ernst & Young LLP
posted: Jan 4, 2012

As 2011 comes to a close with no final rules for lease accounting, nor a second exposure draft (“ED”) expected to be issued until perhaps the second quarter of 2012, many are wondering whether this project will ever be promulgated.   As a result of the extensive number of comment letters (approximately 800) on the first exposure draft and extended outreach by both the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) (“the Boards”), the re-deliberation process . . . read more

Recent Accounting Columns

Through the Looking Glass: The Lease Product Continuum under the Proposed Leases Project
Sep 20, 2011

The joint FASB/IASB (“Boards”) Leases project is entering the final redeliberations phase, with the goal of issuing a revised Exposure Draft (ED) in November 2011 for a 120-day comment period. At this time, it appears the Boards will likely issue their new standards in mid-2012 with an effective date in 2016. For comparability purposes, the new standard will generally require restating the accounting for outstanding leases in all prior periods presented. As of the date of this article, the Boards . . . read more

The IASB/FASB Boards React to Feedback
Apr 22, 2011

After receiving over 750 comment letters and conducting numerous roundtable discussions and field studies worldwide, the IASB and FASB are making significant changes to their previously issued August 2010 exposure draft on proposed new rules for lease accounting.

The End Of Off-Balance Sheet Financing: An Explanation Of The IASB/FASB Exposure Draft
Sep 1, 2010

It has been for several years that the G4 +1 approach to lease accounting has been in circulation. Since then, both IASB and FASB came out with a discussion paper, and finally, the publication of a new exposure draft Aug. 17.