CHP Consulting has produced an updated whitepaper on changing standards in lease accounting, to address the latest output from the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB).
The white paper, a revised ‘Lease Accounting Reform: The Systems Impact for Asset Finance Lessors’, reflects the latest proposals from the Boards, together with notes from their deliberation meetings up to July 2014.
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In the paper, CHP provides an overview of the current accounting standards, condenses the Exposure Draft feedback, summarises the tentative decisions made by the Boards in their redeliberations for both lessor and lessee accounting, and considers the systems implications for lessors.
CHP director Ralph Neuff said; "Since last year’s Exposure Draft the IASB and FASB have made significant revisions to their proposals with regard to both lessor and lessee accounting. Although the revisions are not yet concluded, a final standard is still expected in 2015, and for companies that report under US GAAP the new standards may take effect from January 2016 – followed a year later for IFRS.
"The proposed lessor accounting is now much closer to the existing standards. Nevertheless it is crucial that lessors keep abreast of the changes, engage with their customers, and plan for any changes to their lease administration systems that may be required."
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