Lease Accounting Project
A collection of documents covering proposed changes in lease accounting and financial reporting, their impact on the leasing and finance industry, and ELFA policy statements.
- :: 2013 Exposure Draft and Comment Letters
- :: Updates
- :: 2010 Exposure Draft and Comment Letters
- :: Analysis and Research
- :: Events
- :: Press Statements
- :: Questions?
- :: Background Documents
2013 Exposure Draft and Comment Letters
The new Leases Project Exposure Draft was issued May 16, 2013. There is a 120-day comment period. Lessees and their financing partners and other stakeholders should submit a comment letter prior to the Sept. 13, 2013, deadline. Only then will the standards-setting bodies be aware of the real-life business impact if these rules changes are adopted.
- April 17, 2013 - Update from FASB on the Leases Project
- April 2, 2013 - CFO.com reports on the lease accounting project, quoting ELFA member Bill Bosco. Wait Continues for Lease Accounting Clarity
- Feb. 5, 2013 - Customer Reaction to the Leases Accounting Project: Has Their Behavior Changed? Bill Bosco conducts an informal survey of ELFA members, confirming that the Lease Project will not change customer behavior significantly, because the key reasons to lease will continue to exist.
- October 15, 2012 - What's the status of the lease accounting proposal, and what should you be doing now to prepare? Read Lease Accounting: 6 Things You Need to Know, from the October 2012 Equipment Leasing & Finance magazine.
- Aug. 30, 2012 - ELFA has issued an unsoliticted comment letter to FASB/IASB.
- July 11, 2012 - The IASB and FASB convened a key decision-making meeting on June 12, 2012. They are close to completing all work needed to write a new Exposure Draft (ED). This update covers key provisions likely to be included in the new ED.
- June 13, 2012 - Key Lessee and Lessor Decisions Made in the Leases Project
- June 11, 2012 - Eliminating leveraged lease accounting rules would be contrary to historical precedent and bad for the U.S. economy, write Bill Bosco, Michael Cross, David DeBoskey and Ted Jenkins in the article "Leveraged Leasing Reaches Crossroads" in the June 2012 issue of Practical Tax Strategist.
- May 29, 2012 - The FASB and IASB held a non-decision educational meeting last week to discuss alternatives to lessee and lessor accounting after having conducted a series of additional outreach meetings to get feedback on the options. The good news is they dropped Approaches B and C as the feedback said they were too complex. The other good news is the two Chairs seem to agree that there is more than one type of lease so they are open to a straight line P&L method for the former operating leases. The bad news is that there is still not majority support for D (straight line). Our coalition planned to meet with Chairman Seidman on June 4, and the boards plan for a vote later in June.
- April 24, 2012 - Project Update, April 2012
- March 6, 2012 - Lease Accounting Project Update and Commentary.
- March 2, 2012 - At a recent IASB/FASB meeting, the accounting standards-setters were not able to reach an agreement on an outstanding income statement issue. Read more in Accounting Today.
- Jan. 24, 2012 - The Leases Working Group, an advisory body to the IASB and FASB, expressed support for a number of alternatives being considered by the Boards, which are designed to allow lessees to keep a level expense profile as is currently the case with existing operating leases. In May 2011, the Boards proposed that lessee accounting should include a front-loaded expense profile, which has been the subject of much debate.
- Jan. 4, 2012 - Lease Accounting Project Update and Commentary
2010 Exposure Draft and Comment Letters
Released by the IASB/FASB: Aug. 17, 2010. Comment deadline was Dec. 15, 2010.
Analysis and Research