The International Accounting Standards Board (IASB) and the United States Financial Accounting Standards Board (FASB) announced on July 21, 2006 a joint project on leasing to their respective agendas. The project scope includes a reconsideration of existing standards of accounting for both lessees and lessors. The current project plan envisages, as a first step, the publication of a joint discussion paper.
IASB is committed to developing in the public interest a single set of high quality global accounting standards.
FASB has been the designated organization in the private sector in the US for establishing standards of financial accounting and reporting.
For more information please visit the following website: www.iasb.org