This week, the FASB and IASB announced plans to re-expose their proposed standard on leasing.

This project was, until late last year, slated to be finished in July 2011. However, given the majors changes that have been raised during redeliberations, the boards have concluded that they are likely to end up with a document that would require re-exposure.

Given that they have not yet finished their redeliberations of the original exposure draft, it is difficult to say how far back this will push a likely completion date. The current plan is to finish redeliberations in Q3 of 2011. They would then need to finalize and ballot a new exposure draft. Assuming a 3-month exposure period and a few months for deliberations given the new feedback, and then another round of votes, I think it is safe to assume that this will push completion into 2012 at the earliest. However, the best place to find out more is to monitor the leasing project page.

You can read the full press release from the FASB here.