In 2006, the Financial Accounting Standards Board realized that the standard for lease accounting in the United States was significantly different from the system used in countries that follow the standards set by the International Accounting Standards Board. FASB started a long process of revising their lease standards to better conform with IASB standards. The new standards were finally developed in 2016, and they don't necessarily clear things up internationally. But they are changing the way the companies have to treat their leases from an accounting perspective.
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