“Lease accounting is one of those things that drive some analysts up a wall, and fixing it has long been on the list of things the accounting rule makers should do. But when they tried, people were furious, and the rule makers went back to the drawing board.

Today the Financial Accounting Standards Board, which sets American rules, and the International Accounting Standards Board said they had reached agreement on a new approach. We’ll see how it flies.” Says Floyd Norris in his article in the New York Times.

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