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FRC comments on IASB release of Exposure Draft on lease accounting

Melanie McLaren, Executive Director of Codes and Standards commented on the IASB’s release:

“The endeavours of the IASB to improve lease accounting are to be applauded.  The FRC supports the overall aims of the IASB project and so welcomes this revised Exposure Draft as a step forward in that process.  In principle, we agree that IAS 17 should be replaced so as to provide better information to users on the liabilities associated with leases.”

The FRC is interested in hearing the views of UK constituents on whether the IASB’s exposure draft provides the optimal solution, particularly with regard to whether the benefits of the proposed standard would outweigh its costs.  UK constituents that would be interested in participating in the field testing of the proposals are asked to write to
The FRC is also hosting a discussion forum, including IASB staff, on the Exposure Draft on 10 July from 9:00-11:00am.  The forum will provide an opportunity for the FRC to listen to the views of UK constituents and will provide an important input into the FRC’s response.  
If you would like to participate please e-mail
s.kemp@frc.org.uk to book a place.
Notes to editors:

  1. The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
  2. All press enquiries should be directed to: Peter Timberlake, Head of Communications on telephone: 020 7492 2397/ 07768 502332, or email p.timberlake@frc.org.uk. Or to Sophie Broom, Communications Executive, on telephone: 020 7492 2395/ 07771 808464 or email: s.broom@frc.org.uk.

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