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Background
Purpose
Responsibilities
Membership
Additional information
The Accounting Standards Board (AcSB) established the Leases Advisory Group (LAG) in May 2007 to support
the Canadian member appointed to the Financial Accounting Standards Board (FASB) and International Accounting
Standards Board (IASB) joint Working Group on Lease Accounting.
Background
In July 2006, in line with requests from investors and other financial reporting constituents, the IASB
and the FASB, agreed to add a leasing project to their technical agendas. This is a joint project by the two
boards and involves reconsideration of all aspects of lease accounting. The project is expected to lead to a
fundamental revision of the way that lease contracts are treated in the financial statements of lessees and
lessors.
The FASB and the IASB established the Working Group on Lease Accounting to provide views and practical
advice on the concepts, ideas, and proposals developed by the Boards and their staff. The Working Group
includes preparers (lessors and lessees, users and auditors).
Further information about this international project, including observer notes for Working Group meetings is
available at: www.iasb.org/Current
Projects/IASB Projects/Leases/Leases.htm
Purpose
The LAG will assist the Canadian member appointed to the Leases Working Group in preparing for Working Group
meetings.
- Responsibilities
The LAG is expected to provide the Canadian member with information about the business environment in Canada
as it relates to the issues to be considered in the Leases Working Group meetings. This information will
include:
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- the nature of transactions typically undertaken in Canada;
- the effect of tax and regulatory regimes on transactions;
- circumstances commonly encountered that affect financial statement elements and what is typically
reported in practice; and
- Canadian views on best practices.
Membership
Membership of the LAG will generally comprise professionals with strong relevant experience and knowledge,
and from a variety of backgrounds, so as to provide different perspectives on accounting for leases. Iain
Robertson, CA, who is the Canadian appointed to the joint FASB/IASB Leases Working Group, chairs the Leases
Advisory Group. Current membership of the LAG can be viewed here.
The LAG will meet on an as-needed basis to provide input to the Canadian member prior to the FASB/IASB’s
Leases Working Group meetings. Meetings are not open to the public.
Additional
information
To obtain more information about the LAG, to communicate issues to the LAG, or to be considered for future
membership, contact:
Mark Walsh, FCA
Principal,
Accounting Standards Board
277 Wellington Street West
Toronto ON M5V 3H2
Canada
Phone: +1 (416) 204-3453; or
Fax: +1 (416) 204-3412.
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