The Financial Accounting Standards Board (FASB) narrowly voted to release a draft statement on lease accounting for public comment.  The draft proposal would require all leases to be put on the balance sheet and would create two models for accounting based on the level of expected consumption during the life of the lease.

Dissenting members of FASB thought the proposed standard increased financial reporting complexity by placing lease information in multiple areas of the financial statements.

FASB Chairman Leslie Seidman noted that the FASB standard was coordinated with the IASB, which intends to release an exposure draft by June 30, 2013.

You can read the Journal of Accountancy article here.