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Article: The Proposed New Approach to Accounting for Leases: A Call for a Legal and Economic Analysis of U.S. Equipment Leases
- Article from:
- The Journal of Equipment Lease Financing (Online)
- Article date:
- April 1, 2008
- Author:
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Copyright informationCopyright Equipment Leasing Association of America Spring 2008. Provided by ProQuest LLC. (Hide copyright information)
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On July 19, 2006, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) (together, the Boards) formally added accounting for leases to their respective agendas as a joint convergence project.1 This addition represented the culmination of prior efforts
to change the lease accounting paradigm extending back to 1996, when Warren McGregor authored Accounting for Leases: A New Approach-Recognition by Lessees of Assets and Liabilities Arising under Lease Contracts. The Boards currently expect to issue an important milestone document in the first half
of 2009, referred to as a "preliminary views" document (PV) by the FASB and a "discussion paper" (DP) ...
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