In an article posted by CFO, the trade publication said as the deadline for comments on lease-accounting rules approaches, equipment lease-financing companies and trade groups are making last-ditch efforts to fight the proposed converged accounting standards.

CFO noted that the ELFA, one of the strongest opponents of the proposed rules to converge lease accounting, will be issuing a response this week before the September 13 deadline set by regulators for comments on an exposure draft on lease accounting.

CFO said that Bill Bosco, principal of Leasing 101, recommends segregating operating leases from capital leases and reporting them on the balance sheet as either tangible assets or intangible assets and as either debt or non-debt liabilities.

More than sixty letters commenting on the proposal, the majority of which oppose it, have poured into the FASB. That follows the more than 700 that were sent in response to the 2010 release.

ELFA had recent meetings and phone calls with the SEC, the FASB and the IASB, which drafted the proposal last May. The draft is a revision to a 2010 proposal.

To read the CFO.com article click here.