WASHINGTON - TRALA formally submitted comments today with the Financial Accounting Standards Board (FASB) in response to their Exposure Draft, Proposed Accounting Standards Update Leases Topic 840.
SEC Proposal to Allow Early Adoption of International Accounting Standards
On Aug. 27, the Securities and Exchange Commission raised the possibility that approximately 110 U.S. publicly traded companies will be able to use international accounting standards (IAS) next year and may require all U.S. companies to switch to IAS between 2014-2016. There is a 60-day comment period about the SEC proposal. Fleet leasing will be impacted by the adoption of IAS. It is probable that all fleet leases in the U.S. will need to be capitalized sometime in the 2011-2016 timeframe.