The Clearing House Association, along with multiple other trade associations, filed a letter with the IASB and FASB recommending that the IASB and FASB: (i) do an economic impact study and conduct extensive field testing before finalizing a standard on leasing; (ii) re-expose the proposed leasing standard for public comment; and (iii) reconsider their decisions on the (a) allocation and presentation of lease costs for the former operating leases, (b) accounting for short term leases, and (c) limiting of the accounting definition for renewals and variable rents.