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The Future of IFRS Lease Accounting and its Impact on the Industry:

The Future of IFRS Lease Accounting and its Impact on the Industry: The Perspective of the Aviation Industry Jeffrey Wool Secretary, Aviation Working Group Leaseurope One-Day Business Forum 5 November 2007, Brussels. Overview Presentation - Topics.

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The Future of IFRS Lease Accounting and its Impact on the Industry:

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  1. The Future of IFRS Lease Accounting and its Impact on the Industry: The Perspective of the Aviation Industry Jeffrey Wool Secretary, Aviation Working Group Leaseurope One-Day Business Forum 5 November 2007, Brussels

  2. Overview Presentation - Topics • A. Aviation Working Group (AWG) - Purpose / Topics / Method • B. AWG - Members • C. AWG – Work on Lease Accounting • D. Introduction of Bill Solomon

  3. A. AWG – Purpose / Topics / Method • Established - in 1994 by Airbus and Boeing, and formalised as non-profit entity in 2001 • Purpose - To contribute to the development and acceptance of policies, laws, regulations and rules that (i) facilitate advanced international aviation financing and leasing or (ii) address inefficiencies in aviation financing or leasing or that constrain these transactions • Topics - Accounting, commercial and insolvency law, bank regulation, aviation regulation, documentary standardisation, insurance and liability, and environment • Method - (I)analytic work by sub-groups of AWG members, (II) formulating industry positions, and (III) working with relevant bodies to advance such positions. Consulting with airline and other groups, as needed

  4. Airbus Boeing Aercap Aircastle ATR Aviation Capital Group AWAS BNP Paribas BOC Aviation Bombardier Aerospace Calyon AirFinance Citibank DVB Bank Embraer GECAS General Electric ILFC JPMorgan KfW Morgan Stanley RBS Aerospace Rolls-Royce SAFRAN UTC, Pratt & Whitney B. AWG - Members

  5. C. AWG – Work on Lease Accounting • AWG created a international accounting issues sub-group in 2003 • Initial topic: revised Fin 46 interpretation (US 2003) and AgG 15 (Canada 2004) addressing ‘variable interest entities’, a concept which intersected with special purpose entities and tax structures common in aircraft financing • Began tracking the discussion on potential lease accounting reform (including with a possible link to fair value accounting) in 2005 • Agreed to make lease accounting a major topic in late 2006. Activated the standing sub-group. Will support the role of Ho Soh Khim, BOC Aviation) on the international working group, among other things. • Intends to produce a basic position paper over the next few months, which would form the basis of our work going-forward

  6. C. Introduction – Bill Solomon • Senior Manager – Technical Accounting, Boeing Capital Corporation • Has – together with colleagues with ILFC and Ms. Ho – been in the vanguard of AWG’s initial assessments of the lease accounting project • His talk is a Boeing-only presentation, as AWG has yet to agree on public positions (and the empirical data on which they are based)

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