New proposals on leasing could lead to a £60bn increase in liabilities for
retailers and banks,
Independent newspaper reports.
The International Accounting Standards Board’s (IASB) leasing proposals will
tighten current leasing rules, forcing listed companies to place operating
leases on to their balance sheets.
Last week Accountancy Age revealed that banks would be particularly affected
by the changes in their role as both major lessees and lessors. Retailers also
stand to be significantly affected, owing to their role as major property
Veronica Poole, audit partner and head of the Deloitte Global IFRS leadership
team, told The Independent the top 50 FTSE companies had operating lease
commitments of about £94bn.
New lease standard could destabilise corporate balance sheets
The application of robotics in finance functions is moving faster than predicted. Although, companies are cautious in how they are applying artificial intelligence to ensure results first, many are stepping up their investigations
EU competition commissioner Margrethe Vestager has defended the decision to order technology giant Apple to pay €13bn (£11bn) in back taxes to the Irish government
Carillion has announced the appointment of a new finance director as it reported a rise in first half profits and sales led by strong growth in its support services business
The UK inflation rate hit its highest level in almost two years in July, suggesting that the sharp fall in sterling following the UK referendum to leave the European Union is forcing prices up