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