leasing developments - FAN briefing note summer 2013


This briefing paper provides an update on the International Accounting Standards Board and Financial Accounting Standards Board joint project to revise the leasing standard IAS 17.  This project has reviewed the entire model of accounting for leases in the financial statements of lessors and lessees, culminating in the release of the most recent exposure draft in May 2013.

In this note we look at the background to the creation of the project, the key stages that have been covered so far, the contents of the latest exposure draft and its potential implications for local government, and possible future steps.