Deliberations by the IASB on the new accounting model for leases will be completed this month and the final Standard is scheduled to be issued later this year.  Responding to calls from stakeholders for further information on the possible effects of the new Standard, the IASB staff have developed a document comparing the new and current accounting requirements.

The IASB and the FASB have been working jointly on the Leases project and have reached the same decisions in many areas, including requiring leases to be shown on the balance sheet, how to define a lease and how lease liabilities should be measured.  However, there are some differences between the two Boards’ models and the document provides an overview of the likely practical effects of these differences.

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