Just as we begin to emerge from one of the most significant recessions in history, the biggest changes to U.S. and International lease accounting since the mid-1970’s, when FAS 13 and IASB 17 were issued, are on the horizon. Since 2002 the Financial Accounting Standards Board (FASB) in the U.S. and International Accounting Standards Board (IASB) in Europe have been working on various projects to converge certain standards of accounting on a global basis. In 2006, the FASB and IASB jointly announced that one of the projects to be undertaken would be the reconsideration and convergence of the standards of accounting for leases. Much of the focus of these discussions since that time has been on lessee accounting issues. With the recent shifting of focus to the lessor side of the equation and the ensuing developments, it is very prudent for leasing companies to begin preparing for the expected impact to their existing accounting policies, credit decision processes and financial statements. At a fundamental level, the underlying lease management systems that manage their operations and accounting need to be reviewed, modified and tested for compliance.