The theory of self‐organized criticality (SOC) suggests that interdependencies and interactions among components of a system cause the system to perpetually organize itself towards a critical state. A small change in the value of any component of the system can affect the entire system (like a...

Purpose – This paper aims to examine the status and implications of the Financial Accounting Standards Board (FASB) and International Accounting Standards Board’s (IASB) forthcoming standard on leases. The proposal arose from concern that many lease obligations are unrecorded on the balance...