The Financial Accounting Standards Board and the International Accounting Standards Board have released a revised exposure draft of a converged lease-accounting standard. The proposal has significant changes, including allowing leases of less than 12 months to stay off the balance sheet and more front-loading of costs for items other than real estate. "The proposal is responsive to the widespread view of investors that leases are liabilities that belong on the balance sheet," FASB Chairwoman Leslie Seidman said. The boards are accepting comments on the proposal until Sept. 13.
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