A majority of European lessees indicated a preference for a single model in the ongoing attempts to create a converged lease accounting standard in a European Financial Reporting Advisory Group (EFRAG) survey.

Those that supported this, argued for the single model to be along the "type A model" lines, whereby amortisation of the right of use asset would be recognised separately from interest on the lease liability, be adopted by the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB).

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Despite majority support, the respondents were not aligned in their reasons for backing a single use model.

Some respondents considered that having a single model would reduce implementation and costs.

Some only supported a single type A model on the grounds that the distinction between leases and services be improved in the eventual standard. If this distinction was not developed to a sufficient level, they indicated they would support a dual model based on the current IAS 17 criteria.

Others indicated support for a single Type A model, but with exceptions for leases on properties, while some opposed a single model altogether, saying it would not reflect the economic differences between various types of leases.

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This was an issue between the two boards when they met in March. The IASB argued in favour of a more singular approach, with most leases being classified as Type A leases, while the FASB wanted a dual approach with most leases accounted for as "Type B leases," where they are recognised as a single total lease.

Additionally, respondents to the EFRAG survey said the IASB and FASB needed to make "broad and systematic" simplifications to the IASBs and FASBs revised Exposure draft, published in May 2013.

The majority of respondents also were in favour of a recognition exemption for non-core assets to help reduce complexity. They did acknowledge defining what ‘core’ and ‘non-core’ meant could be challenging in practise, however.

The survey was conducted in conjunction with the National standard setters of the UK, France, Germany and Italy, and involved 44 respondents from 10 countries, representing a number of industries.