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The Financial Accounting Standards Board and International Accounting Standards Board in London have agreed to undertake a joint project designed to overhaul FAS 13, the lease accounting rules in place since 1976. The decision to add a leasing project reflects the FASB's concern that the current accounting in this area does not clearly portray the resources and obligations arising from lease transactions.
Before making this decision, the FASB consulted with its constituents, including the FASB's Financial Account-ing Standards Advisory Council ('FASAC'), its User Advisory Council ('UAC'), and the SEC staff. Many of those constituents urged the FASB to undertake a project, expressing the view that current lease accounting standards fail to provide complete and transparent information. In fact, the SEC staff formally raised issues with, and recommended improvements to, this area as part of its June 2005 report to Congress on off-balance sheet arrangements as required by the Sarbanes-Oxley Act of 2002.
The proposed timetable for the project is as follows: This year, the FASB staff is conducting research on the scope and implications of the project; in 2007, the Board will begin deliberations; in 2008, a Preliminary Views document will be issued and comments will be solicited from interested parties; in 2009, a formal Exposure Draft will be issued for comment, with final guidance released that year as well.
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