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What are the key issues to know about GAAP/IFRS convergence in the area of lease accounting? (Webinar Attendee Question)

This question was asked during the Proformative webinar "Convergence of Financial Instruments, Leasing, and Rev Rec Standards."  A video of the webinar can be viewed here: https://www.proformative.com/resources/webinar-video-convergence-financial-instruments-leasing-rev-rec-standards

Answers

Topic Expert
Sunil Thukral
Title: Controller/Technical Accounting Advisory..
Company: Consultant
(Controller/Technical Accounting Advisory/ SEC Reporting, Consultant) |

Currently there is a U.S. GAAP/ IFRS convergence accounting standard that is being worked on. If all goes well, i.e. that a converged standard is released, then you do not have to worry about the GAAP differences as applying any standard will give you the same result.

The lease exposure draft is expected sometime in Q4-2012.

Please feel free to contact me directly if you need any further clarification either on this issues or on the current leasing accounting standard in general.

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