New approaches in accounting for lease contracts
4/2003 , p45..49
Author(s):
Diana MANEA
Keywords:
IAS, lease contracts, finance lease, operating lease
Abstract:
In their restless attempt to adapt and improve the International Accounting Standards, the accounting standards setting bodies from several countries, unified as the G4+1 Group, have recently worked out a position paper regarding the lease accounting. This position paper brings a quite new approach on lease accounting, with great potential impact on the accounting treatment of leases and on the disclosure of accounting information. The report concludes that the present distinction between operating leases and finance leases is arbitrary and unsatisfactory, and proposes that the differing treatments should be replaced by an approach that applies the same requirement for all leases.
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