Together the FASB and IASB hope to craft a new lease accounting standard that will eliminate the notion of the operating lease.

Name: Together the FASB and IASB hope to craft a new lease accounting standard that will eliminate the notion of the operating lease.
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The FASB and IASB have been working together to develop a new lease accounting standard that aims to eliminate the distinction between operating and finance leases, requiring all leases to be recorded on the balance sheet.

Together the FASB and IASB Hope to Craft a New