NEW international rules that will bring leases onto company balance sheets will be published by the IASB next week.
The long-awaited standard, which has been the subject of much wrangling between international and US standard setters, will bring lease assets and liabilities onto company balance sheets.
The project has been hampered by conceptual differences between the IASB and US counterpart FASB over how leases should be calculated and accounted for as the two bodies attempted to issue a largely converged standard.
Politicians in the EU had also raised concerns that the standard was too geared towards the US, and payed little heed to the views of European standard setters.
Increased disclosure will only provide clarity for investors if they are able, like the way HBO has chopped Martin’s gargantuan tome’s down to size, to effectively help business edit out the irrelevant clutter
ICAEW highlights the importance of avoiding unnecessary confusion and duplication of work
Failure to properly recognise intangibles on balance sheet affects companies' performance, research from Brand Finance, produced with CIMA and the IPA finds
The Rules: FRS 102 presents an opportunity to rethink the way information is presented in financial statements
With the implementation of FRS 102, now the time to revise and revamp your financial statements, posits Mary Starr, manager at Grant Thornton UK