Articles in this week's Short Form, dated May 23, 2013:

Changing Standards for Leases: What Lessees Need to Know
Off-balance-sheet reporting is one of the most attractive features of operating leases. This treatment and associated bright-line criteria, however, are the source of much criticism. In response, recent FASB and International Accounting Standards Board decisions indicate these structures will likely be brought onto the books of lessees, consistent with the right-of-use (ROU) model.

COSO Releases Updated Internal Control Framework
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released Internal ControlIntegrated Framework 2013. The update incorporates two decades of experience from organizations in applying the original 1992 Framework. To achieve this, COSO sought extensive input from the business community.

Change in Definition of Attest Clears Hurdle
The AICPA governing Council on Sunday approved a resolution to change the definition of attesta key step in an effort to promote the quality of services for both clients and the greater public.