Impact of the Upcoming US GAAP and IFRS Lease Accounting Proposal
By Di Seghposs on Jul 30, 2013
Back in May 2013, the FASB and the IASB published another Exposure Draft on Lease Accounting, inviting comment through September this year. Our developers have been reviewing it, and Seamus Moran, our resident IFRS expert, sat with Annette Melatti, Senior Director, Financials Product Marketing, to chat about the potential impact on Lease Accounting and ERP software. Listen to the podcast for more details.
Seamus also met with Ashima Jain of PwC to take a more detailed look at the specifics of this Exposure Draft. The proposal is quite a change to existing practice, not only requiring us to put many equipment leases on the balance sheet, but also incorporating new valuation, accounting, and classification of leases. Watch the new screencast which shares the specifics.
It will be interesting to see how the public reacts when the comment period ends in September, and what route the path to a final new standard takes in 2014 and 2015.