FASB's Changes to Bring About a New "Lease" on Accounting for Leases

FASB's Changes to Bring About a New "Lease" on Accounting for Leases


October 2010

The Financial Accounting Standards Board is committed to make lease accounting more transparent to financial statement users. The board?s desire to eliminate off-balance sheet financing, as well as to create more consistent and concise financial reporting, are the driving forces behind the proposed changes. Another strong influence is the impending guidance convergence with the International Accounting Standards Board, which will align global accounting standards. This marriage was agreed upon in 2002 and is necessitated by economic globalization.

Keywords: Grubb & Ellis, lease accounting, changes, FAS, FASB, FAS 13, right of use, asset, liability, renewal, capitalize, contingent, rental, payments, sale, leaseback

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