The proposed new lease accounting standard is still far from finalized, even in terms of the re-exposure draft (RED) that has been promised since last summer. This month came a chance of a change which could be welcome to the leasing industry in one aspect where the standard setters have already made repeated somersaults - the question of how lessees should account for the profit and loss (P&L) expense profile through the lease period. MORE...
Boards to review lessee accounting model and complete re-deliberation process before finalization of re-exposure draft.
Mar/Apr 2012
Release of re-exposure draft
July/Aug 2012
Possible response deadline
Sep/Dec 2012
Possible finalization
Dec 2012
National standard setters to start to align lease accounting rules for unlisted companies in countries where national standards are close to but independent from IFRS.
2014
Possible date of initial application (DIA) for purposes of prior year accounts comparable with period after final effective date of new accounting standard.
2015
Possible date of initial application (DIA) for new accounting standard for companes subject to IFRS, and for US unlisted companies.
