HOUSTON, TEXAS—Buried in the middle of a speech he was giving oninternational accounting standards in Singapore at the end of May,Hans Hoogervorst, chairman of the London-basedInternational Accounting Standards Board, droppedthis bombshell about the revamped lease accounting standard that itand its US counterpart, the Financial Accounting Standards Board,have been working on for years.
"I will not bore you with the details, but more work needs to bedone. In the next couple of months we should be able to finalizeour work."
Yes. After eight years and at least one reset in which theboards reissued their exposure draft, it appears IASB and FASB aregetting ready to finalize a converged standard for leaseaccounting.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
