On 17 August the IASB and the US FASB (the boards) published for public comment joint proposals to improve the financial reporting of lease contracts. The proposals, if adopted, will greatly improve the financial reporting information available to investors about the financial effects of lease contracts.
As a part of their outreach on the leases project, the boards are conducting field work to test whether the proposals are operational as well as the costs and benefits of their proposed requirements.
The boards would like both those who prepare financial statements (preparers) and those who use financial statements to make investment decisions (users) to contribute. Consequently, the field work comprises preparer and users parts. All information obtained will be confidential and will not be used on an entity basis externally.
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