Funding the fleet

Article Abstract:

The UK Accounting Standards Board intends to adopt the approach drawn up by the International Accounting Standards Board (IASB) in relation to leased assets and the way they are reported, namely that from 2005 onwards all leased assets have to be shown on the balance sheet. One of the main areas affected by the changes is in the structure of car fleet funding, where the off-balance sheet benefit of contract hire would no longer be applicable.

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Managing the transition

Article Abstract:

There is a clear framework for IFRS conversion projects, since the IASB's stable platform is in place. The adoption of IFRS will bring significant change for many UK companies and additional key differences are introduced by the new IFRSs where companies would be well advised not to let politics get in the way of proper preparation, including the adoption of IAS 32 and IAS 39.

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Recognising performance

Article Abstract:

The Accounting Standards Board has issued a draft standard for recognizing and accounting for changes in revenue, assets, and liabilities.

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