Fr Report

In: Other Topics

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IASB Agenda ref FASB Agenda ref

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STAFF PAPER
REG FASB│IASB Meeting Project Paper topic
CONTACT(S)

March 2014

Leases Lease Term
Anna Heining Sarah Geisman Scott A. Muir aheining@ifrs.org sgeisman@ifrs.org samuir@fasb.org +44 (0)20 7246 6428 +44 (0)20 7246 6464 +1 (203) 956 3478

This paper has been prepared by the staff of the IFRS Foundation and the FASB for discussion at a public meeting of the FASB or IASB. It does not purport to represent the views of any individual members of either board. Comments on the application of US GAAP or IFRSs do not purport to set out acceptable or unacceptable application of U.S. GAAP or IFRSs. The FASB and the IASB report their decisions made at public meetings in FASB Action Alert or in IASB Update.

Objective 1. The purpose of this paper is to discuss the accounting for options to extend or to terminate a lease, both at lease commencement and during the lease term. This paper also discusses the accounting for purchase options. 2. This paper is structured as follows: (a) (b) (c) Summary of the proposals in the 2013 Leases Exposure Draft (“2013 ED”) Summary of feedback Staff analysis and staff recommendations (i) (ii) (iii) (iv) (d) (e) Extension and termination options – initial recognition Extension and termination options – reassessment Purchase options Symmetry between lessee and lessor accounting for options

Appendix A – The proposals in the 2013 ED Appendix B – Existing guidance on lease term in IAS 17 and Topic 840

The IASB is the independent standard-setting body of the IFRS Foundation, a not-for-profit corporation promoting the adoption of IFRSs. For more information visit www.ifrs.org The Financial Accounting Standards Board (FASB), is the national standard-setter of the United States, responsible for establishing standards of financial accounting that govern the preparation of financial…...

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