The FASB/IASB issued discussion papers on the Leases Project that will affect nearly all entities.  The discussion papers titled ‘Leases: Preliminary Views’ revisits an important topic and addresses the asset/liability approach.

Ø  Leases:  Preliminary Views FASB Discussion Paper

In response to the discussion papers, AICPA developed a FAQ that highlights the major points and also points out the main differences between the current rules and the proposed rules.