The International Accounting Standards Board (IASB) is in the process of finalising a new International Financial Reporting Standard (IFRS) that will require companies to bring leases onto the balance sheet. It has today published a document outlining the likely practical effects of the new Leases Standard, as well as details on the similarities and differences between the IASB's requirements and those of the US Financial Accounting Standards Board (FASB).
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.
Read the full press release.
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