Accountancy Age reported the global and U.S. standard setters’ leasing project has been a long time in the making, and there is little sign of a resolution any time soon.

Accountancy Age said disagreements between the IASB and FASB suggest that the final standard is unlikely to take shape until next year.

The trade publication notes the massive volume of lease contracts is both the biggest reason for, and the biggest challenge to the IASB and FASB’s plans to overhaul the current standard, while intensive lobbying from the U.S. leasing industry and the risk of a European carve-out have hampered developments.

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