IFRS® Standards

Leases

Summary

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to develop a single source of principle-based guidance to improve the accounting for leases.

Staff Contact(s)

Grace Lang, CPA, CA, CPA (Illinois)

Principal, Accounting Standards Board

Meeting & event summaries


September 11, 2013

AcSB Decision Summary – September 11-12, 2013

The AcSB approved its response letter to the IASB Exposure Draft, “Leases.”

November 29, 2010

AcSB Decision Summary – November 29, 2010

The AcSB discussed the key issues to be included in the AcSB’s response letter to the IASB’s Exposure Draft, “Leases.”

November 3, 2010

AcSB Decision Summary – November 3, 2010

The AcSB discussed issues to be addressed in a response to the joint IASB/FASB Exposure Draft, “Leases.”  No decisions were made.

News


January 19, 2016

News

Final Standard – Leases

January 19, 2016.  The IASB has issued IFRS 16 Leases, which requires lessees to recognize all leases on the balance sheet.  IFRS 16 is effective for annual periods beginning on or after January 1, 2019 with earlier application permitted for companies that also apply IFRS 15 Revenue from Contracts with Customers.

July 29, 2015

News

Leases Survey – Impact of the Upcoming New IFRS

July 29, 2015. Entities with financial covenants in loan agreements are asked to provide input on the impact that the new IFRS on leases will have on their financial statements. Responses are due by September 30, 2015.

FYI Article – Leases: IASB Makes Proposals More Cost Effective
July 16, 2014. This article discusses the IASB’s recent decisions to make the proposals on leases more cost effective. 

September 13, 2013

News

AcSB Response – Leases

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.

August 8, 2013

News

AcSB Exposure Draft – Leases

August 8, 2013. The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Canadian stakeholders are encouraged to submit their comments, on the form provided, by September 13, 2013.

August 2, 2013

News

Roundtable Discussion – Leases

August 02, 2013. The originally scheduled roundtables have been cancelled due to a lack of participants. Discussions with stakeholders are taking place through alternative means, such as conference calls and one-on-one discussions.

June 5, 2013

News

Roundtable Discussion – Stakeholders’ Views Needed on the IASB’s Exposure Draft on Leases

June 5, 2013. Register to attend a roundtable discussion this summer to share your views on the IASB’s Exposure Draft on leases.  The proposed changes to the accounting for leases are numerous will affect a wide range of stakeholders.

May 22, 2013

News

IASB Exposure Draft – Leases

May 22, 2013. The IASB has issued a revised Exposure Draft of a proposed standard on leases. Canadian stakeholders are encouraged to submit their comments to the IASB by September 13, 2013.

July 5, 2012

News

Roundtable Discussion – Leases

July 5, 2012. IASB member, Darrel Scott, met with AcSB staff and various Canadian lessees and lessors to discuss the current proposals in the Leases project.

December 22, 2010

News

AcSB Response – Leases

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.

October 18, 2010

News

Roundtable Discussion – Leases

October 18, 2010. The AcSB staff held a roundtable in Toronto to discuss the Exposure Draft issued jointly by the IASB and FASB in August 2010.

October 1, 2010

News

Exposure Draft – Leases

October 2010. The AcSB has issued an Exposure Draft, “Leases,” Comments are requested by December 15, 2010.

August 1, 2010

News

Exposure Draft – Leases

August 2010. The IASB has issued an Exposure Draft, “Leases,” Comments are requested by December 15, 2010.

July 17, 2009

News

AcSB Staff Response – Leases

July 17, 2009.  The AcSB staff submitted a comment letter responding to the Discussion Paper issued jointly by the IASB and FASB.  The letter supports the proposals in the Discussion Paper, which address the common criticisms of the existing accounting model for lessees.  However, the letter expresses concern that lessor accounting was not addressed in the proposals and recommends that the Boards address it prior to the publication of an Exposure Draft of a revised standard on leases. Read the AcSB staff letter posted by the IASB.

June 25, 2009

News

Roundtable Discussion – Leases

June 25, 2009. The AcSB staff held a roundtable in Toronto to discuss the Discussion Paper issued jointly by the IASB and FASB in March 2009.

March 1, 2009

News

Discussion Paper – Leases

March 2009. The IASB has issued a Discussion Paper, “Lease: Preliminary Views,” and has requested comments by July 17, 2009.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.