Accounting Today reported that Grant Thornton has released a new paper calling for an overhaul in the current thinking of the FASB and IASB on lease accounting standards, instead advocating the use of two different lease accounting models.

Mark Scoles, partner-in-charge of Grant Thornton’s Accounting Principles Consultation Group, is quoted by Accounting Today as saying, “We agree that the model needs updating; however, we respectfully disagree with the boards’ proposal to replace the current GAAP model with a single model for lessors and with somewhat arbitrary exceptions for investment property and leases of one year or less.”

To read the Accounting Today article click here.