In recent weeks many voices have been raised against the future draft standard on leases. During a speech delivered on 6 November 2012 at the London School of Economics and Political Science, the IASB’s Chairman, Hans Hoogervorst, went on the offensive, urging national regulators and standard-setters to support the IASB-FASB joint project to bring greater transparency to the accounting treatment of leases.
Keywords: Mazars, Thailand, IASB, IFRS
30 January 2013
Mr. Hoogervorst noted that the existing accounting treatment was one of the main reasons why so many company’s financing was off-balance sheet. He also emphasised that measures to increase transparency in financial statements had often provoked orchestrated resistance by powerful lobbies. However, over time these advances had come to be accepted and regarded as normal and generally recognised practices. Mr. Hoogervorst hoped that the praiseworthy efforts of the IASB and the FASB would be internationally acknowledged and supported so that the leases project could indeed come to fruition.
The speech can be accessed on the IASB website.