The FASB and IASB's recently-issued exposure draft titled Leases contains the boards' proposal for a new approach to lease accounting that could fundamentally change the way both lessees and lessors account for leases. Under the proposed model, a lessee's rights and obligations under all leases—existing and new—would be recognized on its balance sheet. Lessors would report leases using either a performance-obligation approach or a derecognition approach. This Dataline provides an overview and various insights into the boards' proposed standard. The Dataline also includes both lessee and lessor examples of how to apply the proposed standard.