The existing lease accounting model does not promote transparency & comparability of the financial position of companies that buy assets with those that lease similar assets. This has led critics to assert that the financial statements do not always provide a faithful representation of leasing transactions. FASB / IASB have deliberated on the main issues of recognition and measurement but with differing views .
Required:
Discuss the main issues highlighted by the IASB and FASB, including their differing views, in achieving comparability and transparency in financial statements.