WASHINGTON, DC-The long-awaited re-release of the converged exposure draft for lease accounting was released Thursday morning by the US Financial Accounting Standards Board and the International Accounting Standards Board.

This version follows the first exposure draft, released in 2010, which was met with widespread dismay and criticism. The boards pulled back and reconsidered the proposal--this morning version purports to address those critics.

For example, in response to stakeholders' comments that there are a wide variety of lease transactions, the revised Exposure Draft proposes a dual approach to the recognition, measurement, and presentation of expenses and cash flows arising from a lease.

For most real estate leases, a lessee would report a straight-line lease expense in its income statement. For most other leases, such as equipment or vehicles, a lessee would report amortization of the asset separately from interest on the lease liability.

The exposure draft also proposes disclosures that should enable investors and other users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases.

Comments are due on the revised Exposure Draft by September 13, 2013.