Leasing assets is very common in a variety of fields, and for many companies that need certain assets, such as trucks, aircraft, real estate, manufacturing equipment and the like, leasing is key. Existing accounting models have been criticized by financial statement users for providing an incomplete picture of a company’s leasing activities. In order to provide greater transparency and a more accurate representation of leasing transactions, the International Accounting Standards Board (IASB) and the Financial Accounting Statements Board (FASB) recently released a revised proposal regarding accounting for leases. While the revised proposal removes some of the controversial aspects of an earlier version, it would still lead to substantial change in lease accounting.