World Accounting Report
FASB leasing standard under the spotlight
Post-implementation review nearing completion
The IASB and the FASB worked together to converge their standards between 2008 and 2016, when they finalised their project
on leases. For the first time, assets and liabilities relating to operating leases were brought onto companies' balance sheets,
but there were differences between the standards' requirements for the presentation of operating lease expenses in income
statements. The FASB's post-implementation review (PIR) of its standard is nearing completion, whereas the IASB has only recently
started its review. During their joint education meeting in June 2024, the IASB heard the findings to date from the FASB's
work.