In the interests of providing feedback to stakeholders, the IASB staff have published a short Project Update: Definition of a Lease (February 2015). This document explains how a lease would be defined in the new Leases Standard based on the IASB’s decisions in redeliberations.
Leases is an important project that the International Accounting Standards Board (IASB) is undertaking jointly with the US Financial Accounting Standards Board (FASB). The IASB and the FASB (the boards) are working together to improve the accounting for leases. To meet this objective, the boards think that a customer leasing assets should recognise assets and liabilities arising from those leases (including leases that are off balance sheet today).
The boards jointly published a revised Exposure Draft Leases (the 2013 ED) in May 2013. The boards received extensive feedback on their proposals, and have heard a broad range of views. Since March 2014 the boards have redeliberated most aspects of the project. The boards will finalise their redeliberations shortly. They will decide upon the effective date of the new Leases Standard in the next few months.
The IASB plans to issue a new Leases Standard before the end of 2015.