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Key issues: New lease accounting standards are currently being developed in a joint project between the IASB and FASB that could result in a complete overhaul of the way in which leases are reported in financial statements. The new standard would effectively eliminate all ?operating leases? and require them to be capitalized on the company?s balance sheet. It would also replace rent payment expense reporting with interest and depreciation expense reporting. Some industry projections estimate over $1.3 trillion would be transferred to U.S. corporate balance sheets, with roughly 70 percent being real estate leases. Below are the significant changes that are anticipated in the new FASB Exposure draft, some issues and impacts they create, and some of the ways Deloitte can assist your company in coping with these changes.
Keywords: Lease Accounting, FAS 13, IAS 17, Operating Leases, Balance Sheet,
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