In the Marketplace

The International Accounting Standards Board ('IASB') and the U.S. Financial Accounting Standards Board ('FASB') have announced the membership of a new international working group that they established to help them in their joint project to reconsider their standards on lease accounting. The group consists of senior professionals with extensive experience in the leasing industry or with responsibility for the preparation, analysis, and audit of financial statements of entities with significant leasing transactions.

In July 2006, the IASB and the FASB, in line with requests from investors and other financial reporting constituents, agreed to add a leasing project to their technical agendas. It is a joint project by the two boards and involves reconsideration of all aspects of lease accounting. The project is expected to lead to a fundamental revision of the way that lease contracts are treated in the financial statements both of lessees and of lessors. The first due process document to be published will be a joint discussion paper that expresses the boards' preliminary views. That discussion paper is expected to be published in 2008.

Although there were a large number of applicants seeking to join the working group, the boards reported that they felt the need to keep the working group small enough to work effectively. However, they acknowledge that the range of different aspects of the leasing industry across the world is such that despite the extensive experience of group members, it will be necessary to seek information and advice beyond the group. Consequently, the boards are encouraging other in-terested parties to register as observers at working group meetings, which will be open to the public, and to share their thoughts and concerns throughout the consultative stages of the project.

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Ober|Kaler of Baltimore has announced that Ethan Blank has joined the firm's Lending & Leasing Group as a principal. Formerly of Fulbright & Jaworski LLP in New York, Blank's transactional experience spans equipment leases, secured loans, asset securitizations, complex cross-border struc-tured financings, and restructurings both in and out of bankruptcy. Working from Ober|Kaler's headquarters in Baltimore, he will continue to structure, draft, and negotiate complex financing transactions on behalf of financial institutions, leasing companies, and operators of commercial and business aircraft, railcars, and vessels.

Fifth Third Bancorp of Cincin-nati has announced the promotion of James A. Merz to vice president. In his new position, Merz will serve as team leader of the Equipment Manage-ment Group. He will be responsible for overseeing the direction of The Fifth Third Leasing Company's Equip-ment Management Group.

Barry S. Marks and Ken Weinberg announce the formation of Marks & Weinberg, P.C., a law firm located in Birmingham, AL, with a national practice focusing on equipment leasing and finance, including documentation, litigation, and bankruptcy. Marks is a long-time member of the Board of Editors of this publication and the Journal of Equipment Leasing Financing, a former member of the Equipment Leasing Association's legal committee, and former counsel to the National Association of Equipment Leasing Brokers. Wein-berg is a regularly featured columnist and has also authored many articles in this and other periodicals. The firm's Web site, www.leaselawyer.com, contains more information about the firm.

The International Accounting Standards Board ('IASB') and the U.S. Financial Accounting Standards Board ('FASB') have announced the membership of a new international working group that they established to help them in their joint project to reconsider their standards on lease accounting. The group consists of senior professionals with extensive experience in the leasing industry or with responsibility for the preparation, analysis, and audit of financial statements of entities with significant leasing transactions.

In July 2006, the IASB and the FASB, in line with requests from investors and other financial reporting constituents, agreed to add a leasing project to their technical agendas. It is a joint project by the two boards and involves reconsideration of all aspects of lease accounting. The project is expected to lead to a fundamental revision of the way that lease contracts are treated in the financial statements both of lessees and of lessors. The first due process document to be published will be a joint discussion paper that expresses the boards' preliminary views. That discussion paper is expected to be published in 2008.

Although there were a large number of applicants seeking to join the working group, the boards reported that they felt the need to keep the working group small enough to work effectively. However, they acknowledge that the range of different aspects of the leasing industry across the world is such that despite the extensive experience of group members, it will be necessary to seek information and advice beyond the group. Consequently, the boards are encouraging other in-terested parties to register as observers at working group meetings, which will be open to the public, and to share their thoughts and concerns throughout the consultative stages of the project.

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