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FASB issues exposure draft on leasing arrangement guidance

The US Financial Accounting Standards Board (FASB) has issued a proposal for public comment, outlining an alternative within the US GAAP for applying consolidation guidance to leasing companies under common control.

The proposal, Alternative Variable Interest Entity Guidance to Common Control Leasing Arrangements, would exempt many private companies from applying variable interest entity guidance to lessor companies under common control.

FASB chairman Russell Golden said the proposal is "intended to help lenders and other users better align the information used in assessing the financial position of private companies that prepare financial statements".

The effective dates of the update will be determined after the FASB and the US Private Company Council (PCC) have considered feedback on the exposure draft, which is intended to happen at the 12 November 2013 PCC meeting.

The draft is open for public comment until 14 October.

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