As rumoured over the past few weeks, the FASB is to
publish a draft amendment proposing to defer the
mandatory effective date of Topic 606, the US equivalent of
IFRS 15. This decision will put pressure on the IASB to
decide whether it will also defer the effective date.
Meanwhile, much discussion continues over potential
amendments to the two standards.
As regards the Leases project, the IASB has asked its staff to
devote themselves to drafting the final standard. The Board
has now finished its redeliberations, and is still hoping to
publish the standard by the end of 2015.
At this key stage in the proceedings, Beyond the GAAP has
decided to present a full overview of the decisions taken by
the Board since the publication of the second exposure
draft in 2013. We hope that this review will give readers a
better understanding of the impact that the new standard
on lease accounting will have on financial statements.
Enjoy your reading!