FASB Research Office Hours: Leasing

The next FASB research office hours in Second Life (Wednesday, October 29nd,
11am ET/8am PT) will focus on the FASB/IASB project revisiting lease
accounting.

The leasing project is likely to consider some sweeping changes, most
notably:

*a shift from a rule-based to a principles-based standard;

*replacement of the current 'all or nothing' approach (a lease is either an
operating or capital lease) to a proportional approach (leasing an asset for
a part of its life can result in a capital lease for partial use of the
asset);

*asymmetry between lessee and lessor, resulting in some assets not being on
either party's books, and other assets being on both party's books.

We will be joined by Danielle Zayher, FASB Project Manager for the leasing
project. You can get recent drafts of this joint FASB/IASB project from the
IASB website:

http://www.iasb.org/NR/rdonlyres/853A5049-F1EB-4608-8CE2-37E08700A7EA/0/...
es_Observer_Note.pdf
http://www.iasb.org/NR/rdonlyres/24D76E4E-D62F-45B4-A0F2-25F8DB84AAD2/0/...
0810jointb10obs.pdf

Our discussion will take place in Second Life, a virtual world that allows
people to meet in a setting that shares many of the advantages of
face-to-face contact, without the expense and hassle of travel. Anyone who
wishes to attend FASB office hours can find information on how to do so at
http://metanomics.net/fasbofficehours. You will need a reasonably recent
computer, a broadband internet connection, and a headset with microphone to
participate.

If you have any questions regarding the program, please contact Professor
Robert Bloomfield at rjb9@cornell.edu.