The Financial Accounting Standards Board and the International Accounting Standards Board have released for comment a revised exposure draft proposing significant changes to the standards for accounting for leases.

The new Proposed Accounting Standards Update, Leases (Topic 842) — A revision of the 2010 Proposed FASB Accounting Standards Update, Leases (Topic 840), would create a new, converged approach to lease accounting that would remove the old distinction between operating and capital leases, and require instead that all assets and liabilities arising from leases be recognized on the balance sheet.

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