Editorial

Peter Walton

The FASB has something of a reputation for U turns, but has been excelling itself this last few weeks. Pulling out of the financial instrument classification and measurement convergence with the IASB, and then out of insurance contracts, leaves the convergence plan in tatters. All that is left is leasing, and the IASB is heading for Norwalk for a decision-making meeting in a few days. It seems clear that new lessor accounting is destined for the trash can, and now we should probably start to wonder what is in store for lessee accounting.