Q&A explains basics of FASB/IASB leases project that will affect nearly all entities.

In Mar. 2009, in conjunction with their joint project on leases, the Financial Accounting Standards Board and the International Accounting Standards Board both issued discussion papers titled "Leases: Preliminary Views." Comments on the documents were due in July and the boards are currently considering the feedback. Because of the project's scope and importance, the AICPA has developed a O&A on the preliminary views to highlight key points and examine the major differences between what could be proposed and the current rules. In addition, the Accounting Standards Executive Committee issued a comment letter on the document as did the PCPS Technical Issues Committee.