European accounting bodies seek feedback on lease accounting changes

The European Financial Reporting Advisory Group (EFRAG), the UK Financial Reporting Council, the French Autorité des Normes Comptables, the German Accounting Standards Committee and the Organismo Italiano Contabilità have launched a survey to address the implications of recently proposed lease accounting changes.

Last week the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) published a joint exposure draft to press ahead on the improvement of a standard for the leasing industry.

EFRAG said in a statement the survey aims at understanding the nature of the proposed changes and "whether the proposed guidance creates implementation or operational difficulties" as well as what effort would be required its implementation.

The period to participate in the survey starts on 3 June and runs until 31 July.

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