Advantage to updating fas 13

March 2013: Lease Accounting update: Back to the Front Burner?

The Boards have agreed on the primary objective of requiring lessees to record the liability associated with leases "on balance sheet".An operating lease is a lease whose term is short compared to the useful life of the asset or piece of equipment (an airliner, a ship, etc.) being leased.An operating lease is commonly used to acquire equipment on a relatively short-term basis.In July 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced the commencement of a joint project to comprehensively reconsider lease accounting.In July 2008, the boards decided to defer any changes to lessor accounting, while continuing with the project for lessee accounting, with the stated intention to recognise an asset and liability for all lessee leases (in essence, eliminating operating lease accounting).

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