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International Group to Adjust Rules On Lease Accounting Practices 
The International Accounting Standards Board Next week will unveil plans to overhaul the rules on accounting for leased assets, the board's chairman said. Critics claim the rules for determining whether leases should be included as assets and liabilities on a company's balance sheet are easy to evade and encourage form-over-substance accounting. Airlines that lease their aircraft, for instance, rarely include their planes on their balance sheets. The board will convene a meeting next week to discuss changes to current rules.
The Wall Street Journal yesterday reported that the U.S. Financial Accounting Standards Board is considering adding lease accounting to its agenda of items for overhaul.
* Post was edited: 2004-09-27 10:13:00
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