The International Accounting Standards Board (IASB) and the United States Financial Accounting Standards Board (FASB) announced in July 2006 a joint project on leasing to their respective agendas. The project scope included a reconsideration of existing standards of accounting for both lessees and lessors. The current project plan presents, as a first step, the publication of a joint discussion paper. Currently, The IASB and the FASB are seeking nominations for an international working group to advise on the lease accounting issues. It was decided that, the closing date for the nomination is September 30, 2006.

The membership of the group are expected to include, preparers of financial statements that are lessors of various types of assets, preparers of financial statements that lease various asset types, knowledgeable inventors and auditors of financial statements.

The primary role of the working group is to provide views and practical advice on the concepts, ideas and proposals developed by the boards and their staff, in addition to that, they should also provide information and practical insights from their perspective.

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