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A new financial reporting standard will force companies around the world to add around $3tn of leasing commitments to their balance sheets, thereby significantly increasing the debt that must be reported by the airlines, retailers, maritime industry and hotels. At present, these industries lease property and planes over long periods of time, but under current account standards, do not have to include them in yearly reports of assets and liabilities. Furthermore, the new standards could affect some groups' banking covenants and debt-based agreements with lenders. Regulators have pushed for these new rules as they will "provide much-needed transparency on companies' lease assets and liabilities, meaning that off-balance-sheet lease financing is no longer lurking in the shadows", says International Accounting Standards Board's Hans Hoogervorst.