Leases: Further Deliberations

The IASB and the FASB are continuing to deliberate the proposals in the May 2013 Exposure Draft Leases. Final publication is now expected in the second half of 2015.

Keywords: Mazars, Thailand, IFRS, Leases, IASB, FASB

22 January 2015

During the October meeting, the two Boards again discussed the definition of a lease. The Boards defined the lessor’s substantive right to substitute the asset, and clarified when a lessee has the right to direct the use of the asset (the power to decide how and for what purpose the asset is used, including the right to change the way the asset is used throughout the period of use), if neither the lessor nor the lessee controls how and for what purpose the asset is used throughout the period of use.

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