Legislative Update

FASB Review of Lease Accounting Standards

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are developing new international lease accounting standards. TRALA and its FASB Working Group have met with FASB staff and submitted a white paper outlining the range of current lease practices within the industry. The FASB Working Group is meeting periodically to review FASB's consideration and formulate positions when appropriate. TRALA is also working cooperatively with an international group of leasing industry trade associations. A draft paper on the lease accounting project will be made available by FASB in 2009 for public comment.