A Simplified Look At The Main IFRS 16 Changes

How does IFRS 16 affect you? What is IFRS 16? IFRS 16 (International Financial Reporting Standard) is a new standard for lease accounting which will come into force in January 2019. It will replace the existing IAS 17 lease accounting standard. It’s been put together by the International Accounting Standards Board (IASB). At first glance, it’s a complicated piece of accounting legislation which could potentially be a nightmare to navigate. On closer examination, however, [...]

New lease accounting standard is formally published

IFRS 16 Leases comes into force from January 2019 A new lease accounting standard has been formally published covering the future accounting treatment of leased assets. But trade associations say it is unlikely to erode the benefits of leasing. For the last three or four years, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have been working on a common standard of accounting for all leased assets, including company [...]

New lease accounting rules – how might they affect leasing and salary sacrifice?

New lease accounting rules – how might they affect leasing and salary sacrifice? New accounting rules have been proposed which cover the treatment of leased assets, seem unlikely at this stage to erode the benefits of leasing company vehicles or acquiring them through salary sacrifice car schemes. For the last three years, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have been working on a common standard of accounting [...]

By |February 14th, 2014|Categories: Accounting, Asset Finance, Vehicle Finance|Comments Off on New lease accounting rules – how might they affect leasing and salary sacrifice?

What impact will new accounting proposals have on your vehicle lease?

What impact will new accounting proposals have on your vehicle lease? The introduction of new lease accounting proposals by the International Accounting Standards Board has raised many questions for businesses who lease vehicles. The proposals put forward by the IASB aim to bring all leased assets onto the balance sheet, offering a higher level of transparency where a business’ finances are concerned. Any company with a car lease agreement is advised to become familiar [...]

By |June 13th, 2013|Categories: Accounting, Cars, Vehicle Finance|Comments Off on What impact will new accounting proposals have on your vehicle lease?

International Accounting Standards | Lease accounting

Lease accounting: New International Accounting Standards Two and a half years after the last publication of its proposals on the subject, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have finally issued a revised draft accounting standard with regards to lease accounting, for public comment. It will inevitably take a little time to digest and assess the detail of the new proposals but, at first glance, whilst it is [...]