Compliance Week is reporting that despite misgivings over how complex its plan for lease accounting has become, FASB has decided to proceed with issuing for public comment its newest proposal for how to bring all leases on to corporate balance sheets.

Compliance week said FASB voted 4-3 to issue the proposed accounting standards update it has developed after years of re-deliberating its 2010 proposal.

FASB chairman Leslie Seidman is quoted by Compliance Week as saying, the proposal proved “much more iterative and much more inconclusive than I would have liked. There just does not seem to be a coalescence of views on how to make this improvement.”

To read the Compliance Week report click here.