Beyond the GAAP no.67 - May 2013
When in August 2010, the IASB and the FASB published a joint exposure draft on leases, they could have had no idea that they would have to re-expose their proposals three years later. This, however, is what they were forced to do on 16 May 2013, so generally hostile were responses to the initial draft, so complicated the redeliberations and so changeable the positions.
The objective of improving the way in which leases are reported has not changed, but the solutions now proposed to achieve this end are significantly different from those put forward in the first exposure draft. This can partly be explained by the reintroduction of lease categories, justifying the coexistence of a dual approach to the accounting models. It remains to be seen if these new proposals will satisfy the critics!