6/19/2009

The Financial Accounting Standards Board and the International Accounting Standards Board are working together to develop a standard for accounting for leases. ELFA said the global standard is part of a broader goal of aligning U.S. standards with the rest of the world. "There was some concern by the boards that there was some financial engineering going on with respect to the current rule," said Ralph Petta, vice president of research and industry services at ELFA.

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