The FASB and IASB received over 770 comment letters in response to their August 17, 2010 Exposure Draft, Leases (the "ED"). The comment period closed on December 15, 2010. The boards have also performed direct outreach with users and preparers, and held public roundtable discussions in London, Hong Kong, Chicago and Norwalk. This Dataline summarizes the key themes from the comment letters.
We noted a number of recurring themes in the comment letters and roundtable discussions, even across industries. While a majority of the respondents are supportive of the need for the project in general, especially as it relates to lessee accounting, most respondents have significant concerns about many aspects of the proposals contained in the ED, and strongly encourage the boards to take the time necessary to produce a standard that is both high quality and operational. In addition to comments about the technical application of the proposed standard, many respondents have also expressed concerns around the operationality, cost/benefit and potential for unintended business implications.