The International Accounting Standards Board (IASB) and the United States Financial Accounting Standards Board (FASB) announced on December 7, 2006 the membership of new international working group which they have recently established in order to help them in their joint project to reconsider the standards on lease accounting.

The group consists of senior professionals with extensive experience in the leasing industry or with responsibility for the preparation, analysis, and audit of financial statements of entities with significant leasing transactions.

Meanwhile the project is a joint project between both boards and involves the reconsideration of all aspects of lease accounting.The discussion paper is expected to be published in 2008.

FASB has been the designated organization in the private sector in the US for establishing standards of financial accounting and reporting.

IASB is committed to developing in the public interest a single set of high quality global accounting standards.

For more information please visit the following website: www.iasb.org