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IASB AND FASB ANNOUNCE MEMBERSHIP OF INTERNATIONAL WORKING GROUP ON LEASE ACCOUNTING

Source: International Accounting Standards Board
Country: International
Date: 08/01/2007
Contributor: Andrew Priest
Web: http://www.iasb.org
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The International Accounting Standards Board (IASB) and the United States Financial Accounting Standards Board (FASB) have announced the membership of a new international working group they have established to help them in their joint project to reconsider their standards on lease accounting. The group consists of senior professionals with extensive experience in the leasing industry or with responsibility for the preparation, analysis, and audit of financial statements of entities with significant leasing transactions.

In July 2006 the IASB and the FASB, in line with requests from investors and other financial reporting constituents, agreed to add a leasing project to their technical agendas. It 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 both of lessees and of lessors. The first due process document to be published will be a joint discussion paper that expresses the boards’ preliminary views. That discussion paper is expected to be published in 2008.

The boards greatly appreciate the wide interest in the project, as shown by the large number of applications to join the working group. The boards were constrained in the selection of group members by the need to keep the group small enough to work effectively. However, they acknowledge that the range of different aspects of the leasing industry across the world is such that, despite the extensive experience of group members, it will be necessary to seek information and advice beyond the group. They therefore encourage other interested parties to register as observers at working group meetings, which will be open to the public, and to share their thoughts and concerns throughout the consultative stages of the project.

The members of the working group are:

Name

Position

Company

Country

Ann Bordelon

Vice-President of
Real Estate Finance

Wal-mart Stores, Inc.

US

Bill Bosco

Consultant

Leasing 101

US

David Maxwell

Director

Classic Technology Limited

UK

David Trainer

President

New Constructs, LLC

US

George Yungmann

Senior Vice President,
Financial Standards

National Association of Real Estate
Investment Trusts

US

Ho Soh Khim

Chief Accounting Officer

Singapore Aircraft Leasing Enterprise

Singapore

Iain Robertson

Manager Accounting Policy and Special Projects

Canadian Pacific Railway

Canada

Jan Buisman

Senior
IFRS Technical Partner

PricewaterhouseCoopers

Sweden

Jed Wrigley

Director of International Accounting and Valuation

Fidelity

UK

John Bober

Managing Director

GE Energy
Financial Services

US

Kevin Davies

Manager Technical Accounting Department

Anglogold Ashanti Limited

South Africa

Mark Venus

Finance Director

BNP Paribas Lease Group

France

Neri Bukspan

Managing Director

Standard & Poor’s Credit Market Services

US

Peter Kilgour

Finance Director

Swire Properties Limited

HK

Rich Jones

Partner – National Office

Ernst & Young

US

Richard Richards

Group General Manager Reporting and Tax

Qantas Airways

Australia

Thomas Gruber

Director Accounting and Financial Reporting

Daimler Chrysler
Financial Services AG

Germany

Thomas Schroer

Chairman, Accounting and Taxation Committee

Leaseurope

Germany



and the official observers are:

European Financial Reporting Advisory Group (EFRAG) and International Organization of Securities Commissions (IOSCO).
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