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FASB to Rethink Lease Accounting Standards
The chairman of the Financial Accounting Standards Board says the board will probably decide early next year whether to tackle the reform of lease accounting standards, Wall Street Journal reports.
FASB chairman Robert Herz made the comments at a conference in New York in response to critics who charge that lease accounting rules as they currently stand are ripe for corporate exploitation.
According to the paper, lease accounting has not undergone a thorough overhaul since 1976. Herz is quoted as saying that any examination of the rules will involve rethinking "the whole model" but warned that any reform of the standards is likely to "take a while".
The SEC estimates that U.S. public companies may have $1.25 trillion in operating lease obligations that are not carried on their balance sheets. WSJ notes that structuring leases to meet accounting and tax goals has "become and industry unto itself".
Friday, November 18, 2005
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