Lease Accounting

Accounting for leasing can be complicated, with both capital leases and operating leases. FASB and the IASB have been working together for the past six years in order to standardize lease accounting and bring more than $2 trillion of leases to companies' balance sheets. A major sticking point between the accounting boards and companies is how leases will be treated on the income statement. http://blogs.wsj.com/cfo/2012/05/22/leases-suffer-identity-crisis/?KEYWORDS=identity+crisis