The Journal of Accountancy reported that the converged proposal on financial reporting for leases faces significant opposition from businesses from around the globe.

The Journal said that an analysis of comment letters on the proposed standard submitted by business and industry respondents that would be considered financial statement preparers (excluding accounting firms) revealed little support and substantial opposition to the proposal.

The Journal noted that common objections expressed in the comment letters included: Complexity and increased costs for preparers, lack of significant improvements for financial statement users and failure of the proposal to faithfully represent the economics of leasing.

To read the Journal of Accountancy story click here.