FASB, IASB Vote Differing Approaches For Lessees

Accounting Today reported that at a meeting this week, the boards of the FASB and IASB voted for differing approaches on the leasing standards project involving income statement changes for lessees.

However, Accounting Today noted that since the leasing standards are expected to be re-exposed for further comment, the two boards hope to eventually issue a converged standard for U.S. GAAP and IFRS standards once they hear feedback on their differing approaches from constituents and reconvene in April.

In conference call with reporters, FASB chair Leslie Seidman noted that the focus of the joint board meeting “was entirely on addressing some recurring feedback we have been getting about the effect on the income statement of the model for right of use that we have been developing on certain types of leases”, Accounting Today said.