BC5 In March 2009 the Boards published a joint Discussion Paper Leases: Preliminary Views. The Discussion Paper set out the Boards’ preliminary views on lessee accounting, proposing a ‘right-of-use’ accounting model. Feedback on the Discussion Paper generally supported the ‘right-of-use’ model for lessees, by which a lessee would recognise a right-of-use asset and a lease liability at the commencement date of the lease. The Discussion Paper did not discuss lessor accounting in any detail.
BC6 In August 2010 the Boards published a joint Exposure Draft Leases (the ‘2010 Exposure Draft’). The Boards developed the 2010 Exposure Draft after considering the comment letters received on the Discussion Paper, as well as input obtained from their Lease Accounting Working Group and from others who were interested in the financial reporting of leases. The 2010 Exposure Draft:
(a) further developed the ‘right-of-use’ accounting model for lessees that had been proposed in the Discu
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