Q&A explains basics of FASB/IASB leases project that will affect nearly all entities.

In Mar. 2009, in conjunction with their joint project on leases, the Financial Accounting Standards Board and the International Accounting Standards Board both issued discussion papers titled "Leases: Preliminary Views." Comments on the documents were due in July and the boards are currently considering the feedback. Because of the project's scope and importance, the AICPA has developed a O&A on the preliminary views to...