In his latest report on the FASB/IASB lease accounting project, Monitor regular contributor Bill Bosco reported much work remains, and he does not anticipate a final standard until early 2015.

The proposal, which has been through two exposure periods, was highly criticized by a variety of constituents in the latest public comment process that ended last fall. In assessing the feedback from their May 2013 Exposure Draft, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) agreed to reexamine most of the significant aspects of the model, and that work began in earnest in March of this year.

So what progress has been made? In March, the Boards tackled the most contentious issues including lessee and lessor classification. While they found some common ground, differences still remain that will need to be ironed out if a converged solution is desired.

To read an extensive report on the boards’ positions on lessee classification, lease term and short-term leases, and a look ahead, visit Bosco’s latest Opinion piece from the monitordaily.