Discussion Paper coming

The FASB and IASB have been discussing the revision of the lease accounting regulations for over 2-1/2 years (first announced in July 2006). Finally, they have reached the point of releasing a Discussion Paper, which details the decisions they have made to this point and asks for public comment. The boards have a joint meeting scheduled for March 23 & 24 in London; we expect that the DP will be approved at that meeting. The FASB project page indicates that the deadline for public comments will be some time during Q2 2009.