Responses to IASB Documents for Comment
New IFRS under Development – Leases
Exposure Draft – Leases – May 2013
On September 13, 2013, the AcSB submitted a comment letter to the IASB’s Exposure Draft issued in May 2013. The letter supports the right‐of‐use model for leases and the recognition of assets and liabilities related to leases in financial statements. The letter expresses several conceptual and practical concerns with the proposal for two categories of leases. However, the letter recognizes that different stakeholders have different views about the economics of leases and, therefore, accepts that the IASB may need to proceed with a dual classification model in order to finalize an IFRS that recognizes assets and liabilities relating to leases. Read the AcSB letter posted by the FASB.
Exposure Draft – Leases – August 2010
On December 22, 2010, the AcSB submitted a comment letter responding to the Exposure Draft issued jointly by the IASB and FASB. The letter supports recognizing all assets and liabilities arising from leases in the statement of financial position. However, the letter disagrees with many of the specific proposals on applying this approach to lease accounting. The letter recommends that the Boards undertake a thorough reconsideration of the proposals and not rush to finalize the proposals by June 30, 2011. The AcSB letter posted by the FASB is available here.