The accounting standard setters take another step toward amending lease accounting, though a new standard remains at least two years away.
The U.S. and international standard-setters are making slow but steady progress toward revising how public companies account for leases. Earlier this week, the Financial Accounting Standards Board and the International Accounting Standards Board told their staffers to limit their initial work to only the leasing arrangements covered in the existing standards.
CFOs anxious to find out how the final amended standard could affect their balance sheets will have to wait a bit longer: FASB and IASB's latest directive to their staff was simply a process decision that may keep them on track to meet their 2008 deadline for releasing a discussion paper. They don't expect to release a joint, revised standard until 2009.
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