Global Standards for the world economy

Thursday 19 September 2019

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Project Updates on the Definition of a Lease

 29 October 2015


October 2015 Project Update:


The IASB staff have published a short Project Update: Definition of a Lease (October 2015).

This document provides an overview of how a lease will be defined in the IASB's new Leases Standard, and also includes a working draft of the application guidance and accompanying illustrative examples to be included in the forthcoming Standard on the definition of a lease.

It has been provided to help stakeholders prepare for the implementation of the new Leases Standard.

It is likely that the first step to be undertaken in implementing the Standard will be to determine the population of contracts to which the Standard applies. The definition of a lease determines that population.

The IASB has completed its decision making for the Leases project and asked that the staff prepare the final Standard for issuance. The working draft has been prepared by the staff and is subject to refinements in drafting before issuance of the new Leases Standard.


Feburary 2015 Project Update:


In February, IASB staff published a short Project Update: Definition of a Lease (February 2015).

This document complements the October 2015 Project Update and explains how and why the IASB views a lease to be different from a service. It also includes additional information explaining the IASB’s decisions regarding the definition of a lease, and how the IASB has responded to feedback received on the 2013 Exposure Draft.