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Feature: On to the balance sheet
31 October 2011
How the draft leasing accounting proposals of the IASB and FASB may affect aviation's lessors and lessees.
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IASB
FASB
All those involved in leasing aircraft, whether as a lessor or as a lessee, are waiting for the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board‘s (FASB) re-exposure of their lease accounting proposals. The IASB and FASB issued the first exposure draft for the proposals on August 17 2010. The re-exposure is expected in March.
On June 22 the Aviation Working Group (AWG) sent a letter to both the IASB and the FASB. The letter outlined why AWG feels “a formal re-exposure of the draft with a meaningful comment period is required. AWG states that some of the changes being proposed would be wholly unnecessary, such as lessor accounting, changes that would distort transition economics in the many of cases and increase compliance costs without an equal benefit.
"A lot of people hoped these proposals would die under their own weight," says Michael Inglese, chief...
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