EFRAG outreach event on lease accounting standards

The European Financial Reporting Advisory Group (EFRAG) is to hold an outreach event in Brussels in September to discuss preliminary results of its public consultation on leases.

The discussion, scheduled for 15 September, will include consideration of the initial feedback gathered from the public consultation concerning the two lessees models which EFRAG launched in June, along with European standard setters (the UK's Financial Reporting Council (FRC), French standard-setter Autorité des Normes Comptables (ANC), the Accounting Standards Committee of Germany (ASCG) and the Italian Organismo Italiano di Contabilità (OIC)).

The consultation aimed to obtain examples where contracts or transactions could qualify as leases under a single-model approach as favoured by International Accounting Standards Board (IASB) or the dual-model approach supported by the US Financial Accounting Standards Board (FASB), but are viewed by constituents as in-substance services.

In addition, the EFRAG and European standard setters were looking for input on which of the two alternative approaches is preferred.

The outreach on 15 September 2014 will consider the points raised during the consultation as well as possible improvements on how to identify a lease arrangement.

It will be chaired by EFRAG chairman Françoise Flores and participants will also have the opportunity to discuss their views with a representative from the IASB.

Registration is requested by 8 September 2014 by email to event@efrag.org  and there are more details here: http://www.efrag.org/Front/n1-1363/EFRAG-Outreach-Event--Leases-Consultation.aspx

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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