PwC comments on AICPA independence proposal regarding leases

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Comment letter , PwC US Jan 19, 2018

We recommend that AICPA independence rules be principles-based rather than a bright-line prohibition on material leases.

Overview

An AICPA proposed interpretation of the Code of Conduct would eliminate the current independence rules that rely on US GAAP’s classification (capital versus operating) for determining permissibility. It would be replaced with a “conceptual framework” that establishes a minimum set of conditions, such as the lease having to be immaterial to certain covered members. PwC recommends that the AICPA adopt a more principles-based standard rather than a bright-line prohibition on material leases.

Contact us

Heather Horn

Heather Horn

US Strategic Thought Leader, National Professional Services Group, PwC US

David Schmid

David Schmid

International Accounting Leader, National Professional Services Group, PwC US

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