Rethink Leases and Convergence, Now or Later?

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The Financial Accounting Standards Board (FASB) has voted to move forward with its update for lease accounting, sending the standard for final drafting. Even though this update started as a joint project, with the goal of convergence between the FASB and the International Accounting Standards Board (IASB), in the11 end it appears that separate standards will be issued by both groups (although release of the standards will be done simultaneously).

What does this mean you might ask? While the final Accounting Standards Update (ASU) has not been issued yet, the current proposal calls for all entities who enter …read more

Read more here:: Government Contracting

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