The Financial Accounting Standards Board and the International Accounting Standards Board remain at odds over crucial elements of their lease accounting standards after joint meetings this week, but said they are still committed to reducing the distinctions.

“Today, the IASB and the FASB reached consistent conclusions on important areas of lease accounting, including lease term and short-term leases,” the boards said in a joint statement Wednesday after two days of meetings. “While differences remain, most notably in their preferred approaches to expense recognition, the boards are committed to working together to minimize these differences and to creating greater transparency around lease transactions for the benefit of investors worldwide.”

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