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The 18-member group consists of senior professionals with extensive experience in the leasing industry or with responsibility for the preparation, analysis, and audit of financial statements of entities with significant leasing transactions.

In July 2006 the IASB and FASB agreed to add a leasing project to their technical agendas. It is a joint project by the two boards and involves reconsideration of all aspects of lease accounting. The project is expected to lead to a fundamental revision of the way that lease contracts are treated in the financial statements both of lessees and of lessors.

The first due process document to be published will be a joint discussion paper that expresses the boards’ preliminary views. That discussion paper is expected to be published in 2008.

Seven of the 18 working group members are from the United States. The remaining members are from the U.K. (2), Germany (2), Singapore (1), Canada (1), Sweden (1), South Africa (1), France (1), Hong Kong (1), and Australia (1).