Tentative Board Decisions

Tentative Board decisions are provided for those interested in following the Board’s deliberations. All of the reported decisions are tentative and may be changed at future Board meetings.

December 16, 2014 Joint FASB/IASB Videoconference Board Meeting

Leases. The FASB and the IASB (the Boards) continued redeliberating the proposals in the May 2013 Exposure Draft, Leases, specifically continuing the discussion from the October 2014 joint Board meeting about the definition of a lease.

The Boards decided not to include in the definition of a lease a requirement that the customer must have the ability to derive the benefits from directing the use of an identified asset on its own or together with other resources that are sold separately or that can otherwise be sourced in a reasonable period of time. Accordingly, a lease is defined as what was decided by the Boards at the October 2014 joint Board meeting.

Next Steps

The Boards will continue their redeliberations at a future Board meeting.