At the same time, leasing still will have a role to play, Johnson notes. It offers flexibility, financing and allows the lessee to avoid obsolescence. What's more, many properties, such as retail spaces in a mall, only are available via leasing.

Atlas Air Worldwide Holdings, Inc., a provider of outsourced aircraft and aviation services, decided to renew its lease on its headquarters building in Purchase, New York. While management considered a variety of options, including purchasing space, leasing continued to make sense, says chief financial officer Spencer Schwartz. "We developed a complex model that took into account incentives offered by various locations, as well as the cost to re-hire and train new employees. In the end, we decided that the right thing for our businesses and our employees was to stay put and lease."

Atlas Air's customers likely will go through a similar analysis when deciding whether to buy airplanes or outsource with Atlas and obtain ongoing crew, maintenance and other services, Schwartz says. He adds that most aircraft last for decades. "Our customers have to think about making a 30- to 40-year commitment, versus entering a three- to five-year service arrangement with Atlas."

The stream of changes to the lease accounting proposals over the past few months have some in the industry wondering how long it may take for the final proposals to be issued.