Asset finance software and consulting firm CHP Consulting has published a revised whitepaper covering the latest developments in lease accounting standards.

In the paper, Lease Accounting Reform: The Systems Impact for Asset Finance Lessors, CHP provides a synopsis of the current standards, with a summary of key features from the most recent Exposure Draft and an evaluation of the implications for lessors’ systems.

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In May 2013, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued a revised proposal for the lease accounting standard, following criticism of an earlier draft released in 2010.

According to CHP, lessors, lessees and the users of financial statements have "welcomed many of the subsequent revisions.

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