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AICPA's Financial Reporting Executive Committee Comments on Exposure Draft

Posted 7:41 PM by

On December 28, 2010, the Financial Reporting Executive Committee (FinREC) of the American Institute of Certified Public Accountants (AICPA) commented on the FASB's and IASB's (the boards) draft standard on leases, as presented in FASB's Exposure Draft of a proposed Accounts Standards Update (ASU) Leases (Topic 840). The ultimate implementation of these proposals will have a significant impact on the reporting requirements of many in the manufacturing and distribution industry.  

FinREC supports the boards' overall objective to develop a single approach to lease accounting and to require assets and liabilities arising under leases to be recognized in the lessees' statements of financial position. At the same time, FinREC believes there are fundamental application issues not addressed by the Exposure Draft. 

See the comment letter here for additional details.

About the Author
Jason Patch is a partner in Katz, Sapper & Miller’s Audit and Assurance Services Group and leads the firm’s Manufacturing and Distribution Services Group. Jason works with clients to ensure accurate financial reporting, keeping an eye on their bottom line, helping them avoid risk, and maximizing efficiencies. Connect with him on LinkedIn.

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