FASB To Vote On New Accounting Standards

Nov. 2015 - On November 11th the Financial Accounting Standards Board (FASB) voted to issue a new accounting standard. In 2005 the SEC identified leasing as a form of off-balance sheet accounting that needed to be addressed. The new standard would require companies to include lease obligations on their balance sheets. The move is intended to increase transparency and comparability of financial reports.

The next step will be to create a “ballot draft.” The ballot draft will be shared among the 7 members of the Board, who will then vote on it. If the Board decides the draft fulfills the intentions agreed upon during the public deliberations, it will be submitted for publication. The new standard has received heavy input from the public, with over 1,700 comment letters were submitted by the public during the drafting process.

The final standard is expected to be published in January of 2016. The press release can be read in its entirety here.

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