BOMA San Francisco Members:
Earlier this year the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued a joint exposure draft that, if implemented, will completely revamp the way leases are accounted for by both leasees and leasors. Generally speaking, the proposed changes would move the cost of operating leases from a disclosure in the footnotes onto the balance sheet. Ramifications of the proposed changes could prove harmful to the commercial real estate industry. It’s imperative that you provide your comments on the draft, which are due Wednesday, December 15. BOMA International has provided resources to help develop your original comments. In addition to your critique of the exposure draft, we encourage you to ask FASB & IASB to extend this deadline for implementation to ensure the final standard is sound and thoroughly vetted.
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