On 16 May 2013, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) (collectively, the Boards) issued exposure drafts proposing a new accounting model for leases, which would require lessees to record most leases on-balance sheet. The proposals mark a significant change from current operating lease accounting for lessees, which currently are off-balance sheet. Lessor accounting would also be affected, but to a lesser extent. Full PDF Download