American Accounting Association

The Biondi article is a critique from an American Accounting Association committee on the Joint IASB/FASB Exposure Draft on Accounting for Leases. What is the role of due process and feedback from stakeholders in the standard-setting process? Do you find this critique persuasive? Which of the issues presented here do you believe the IASB/FASB use in their revision of the exposure draft? Why?

Biondi, Yuri, R. J. Bloomfield, J. C. Glover, K. Jamal, J. A. Ohlson, S. H. Penman, E. Tsujiyama, and T. J. Wilks. 2011. Perspective on the Joint IASB/FASB Exposure Draft on Accounting for Leases. Accounting Horizons. 25, 4: 861–871