Provide an article summary on the following article
http://www.areadevelopment.com/AssetManagement/jan2011/new-lease-accounting-paradigm54993.shtml© BrainMass Inc. brainmass.com March 5, 2021, 12:50 am ad1c9bdddf
The new lease accounting rules will change how businesses report their property. The draft of proposed lease accounting changes was released jointly by FASB and IASB on 17th August 2010. The new regulation requires capitalization of all real estate and equipment leases on balance sheet by recognizing the rights and obligation of lessees. This step has been taken to correct the lack of transparency in off balance sheet reporting. When the full lease liability and its negative effects are shown on the balance sheet there will be a strong affect on companies' perceived ...
The answer to this problem explains changes in lease accounting rules released by IASB and FASB. The references related to the answer are also included.