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Differences in accounting for leases can lead to a considerable non-comparability?

Differences in accounting for leases can lead to a considerable non-comparability?
A lot of reference materials have been given already! Writer is only required to sort out those materials in order to do a critical analysis on the topic, also a proper bibliography is needed (in-text citation is a must). Of course extra materials are always welcomed. THX
Statement from Deloittes: Leasing is an important activity for many organizations- whether a public or private company, or a not for profit organization. It is a means of gaining access to assets, obtaining financing, and reducing an organization’s exposure to the risks of asset onwership. Differences in accounting for leases can lead to considerable non-comparability.
Referring to academic literature work and other proper published sources, critically evaluate the above statement.
Problems of comparability with leasing:
Leasing can be a significant part in asset ownership
Problem of comparability:
-Identification/ identify leasing
Identification: when is it a lease and when is it not?
Ownership/ hire purchase/ real lease -> impact on Value of assets
GAAP /IFRS / FSB —– Non comparability because of different standards — Is this a problem? If so why?
What about MNCs operating in several jurisdictions?
Difference between finance and operating leases
–    Affects balance sheet
–    Some reported as asset
–    Some reported as expense
Why is correctly valuing assets important?
Why did IASB produce an exposure draft on lease accounting in May 2013?
–    On 16 May 2013 the IASB and FASB published for public comment a revised Exposure Draft outlining proposed changes to the accounting for leases.
Why did Deloitte do a survey on lease accounting in 2014? What were the findings?
–    The new lease accounting standard proposed by the FASB fundamentally changes the rules that govern accounting for both equipment and real estate leases.
–    Under the FASB proposal, companies would be required to recognize the assets and liabilities resulting from leases of more than 12 months in duration based on the present value of lease payments.
–    Among its many provisions, the proposed lease accounting standard also affects the disclosure requirements for the recognition of lease-related expenses and income.
Having a look at the Deloitte report as well as the IASB’s drafts is needed.
Relation to off-balance sheet accounting? ->Tighten up accounting after financial crisis?
Impacts of proposed changes on companies?
-will it really improve valuation?
-will the costs coutweigh the benefits?
Search keywords -> information- select and gather -> citation Acknowledging references
How to minimize non comparability? No one method is perfect, limitation must exists
Balanced view essay, multiple perfectives, not one sided.

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