In the near future it is expected that a new accounting standard on leasing will be released. It will remove the classification of leases that has been used for decades and which divides leases into operating and financial leases. The new standard will require leases that were formerly known as operating leases (and were kept off balance sheet) to be recognised for balance sheet purposes (both an asset and a liability will be recognised). This will mean that leases with a term of say 18 months will appear on a balance sheet, as will leases with a life of 30 years. Will this new approach be consistent or inconsistent with the definitions of assets and liabilities included within the IASB Conceptual Framework ?