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Will the proposals in the IASB’s Discussion Paper on Leases improve financial reporting in Canada? Share your views at a roundtable on Thursday, June 25, 2009. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have jointly issued a Discussion Paper, “Leases,” for comment by July 17, 2009. The Discussion Paper proposes that since lease contracts always create rights and obligations that meet the boards’ definitions of assets and liabilities, a lessee would recognize an asset for its right to use the leased item (the right-of-use asset) and a liability for its obligation to pay rentals. This would apply to all lease contracts and ensures that the assets and liabilities arising from lease contracts are recognized in the statement of financial position. The roundtable is an opportunity for interested parties who have reviewed and considered the application of the proposals in Canada to discuss their views with AcSB staff. The discussion will assist the AcSB staff in developing an informed comment letter to the IASB. The roundtable will be held from 14.00-16.00 EDT on Thursday, June 25, 2009 in Toronto. Arrangements can be made for some interested parties located outside of Toronto to participate. To participate in this roundtable, register by contacting Florita Dinglasan at florita.dinglasan@cica.ca or Marites Alvarez at marites.alvarez@cica.ca by Monday, June 15, 2009. When registering, please identify your organization and location. In case of oversubscription, the AcSB might need to limit attendance to one individual per organization. |