Global financial reporting standards for lease accounting are nearing final agreements. In their meeting on February 16-17, 2011, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB), (“Boards”) continued discussions about proposed new lease accounting standards. Fundamental concepts agreed and outlined in their current Exposure Draft (ED) have not changed, but more clarity is emerging as to definitions, terms, applications and reporting obligations as the issuance date of the final standard gets closer.