Week 9 e-activity

Week 9 e-activity

The lease exposure draft is one of the several convergence projects that are currently under consideration of Financial Accounting Standard Board (FASB) and International Accounting Standard Board (IASB) in order to make the United States GAAP more comparable to International Financial Reporting Standards (IFRS). According to the board of setting standards, the fundamental alteration of the way firms account for ALL leases is essential as the prevailing approach allows for the most of leases to be 'off-balance sheet' as well as several firms were structuring their leases in a way that can facilitate them in achieving particular ...