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October 2013 » Lease Accounting—Up for Renewal
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Thomas R. Craig, PhD, CPA
FASB and the IASB jointly issued an exposure draft (ED) in May 2013 that proposes sweeping changes to existing lease accounting standards. If it were adopted in its current form, almost all fixed-payment, long-term leases (defined as more than one year in length) would have to be reported as an asset and a liability on a lessee's balance sheet. This article provides a highly summarized overview of the ED's major provisions, focusing exclusively on the significant changes contemplated in lessee accounting.
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