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.
FRC highlights the things directors should consider when preparing their forthcoming half-yearly and annual financial reports
Subsidiaries will be exempt from certain rules on how businesses record revenue on their books under proposed changes to FRS 101
The Rules: Accounting for long term arrangements under FRS 102 – what you need to be thinking about today?
If a change in accounting standard is approaching, planning and anticipation is key when considering new or existing long term arrangements
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