The release date for the controversial new
lease accounting standard is to be pushed back by “a few months”,
it has been confirmed.
It was expected that the new rules would be
published in June. However, a transcript of an interview with Sir
David Tweedie, Chairman of the International Accounting Standards
Board (IASB) and Leslie Seidman, Chairman of the Financial
Accounting Standards Board (FASB), published on the IFRS website,
revealed the programme is expected
to be completed by the end of this year. A specific date was not
given.
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Seidman stated in the interview that the June
date was always intended as “a target, not a deadline” and that
more time was needed to address the various issues raised since the
release of the original exposure draft.
He said: “After
evaluating the issues yet to be addressed we jointly concluded
that, without extending the work out indefinitely, we could all
benefit from a few more months to develop these standards, some of
which really go to the core issues of many companies.”
Tweedie explained: “We are also mindful
of the G20 target, we have been reminded of that many times over
the last few years, and we intend to try to finish this convergence
programme by end of 2011.
“The June target has helped us to get
there but at the same time it is clear that we need a little more
time to check the conclusions, and to ensure that the standards are
of the highest quality.”
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By GlobalDataLessors have long protested that the
standard originally proposed was too complex and would create heavy
cost burdens if implemented.
Plans for the completion of the work on
remaining projects within leasing and insurance will be published
in the next convergence progress report, set to be released in the
coming days.
It will include details on how
technical decisions will be completed and what shape further
consultation with stakeholders will take.
