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The new standard of accounting for leasing will affect more companies and will even generate the amendment of certain financial indicators

20 Jan 2016

The International Accounting Standards Board (IASB) delivered on 13 January 2016 the new standard regarding leasing, which states that all assets which are the subject of a leasing contract are to be recorded in the balance sheets of the homeowners, with a few exceptions. This new provision will affect the most the entities which have ongoing major contracts for leasing, for assets, heavy equipment or vehicles.

Adrian Bunea, FAAS Leader and Executive Director, EY Romania, explains: "EY supports the efforts of the IASB to improve the registration of the lease in the accounts by the companies who purchase such services. This brings more consistency in the accounting for leasing and will increase the comparability and transparency for stakeholders. The completion of the standard on leasing has been a priority for the IASB in recent years and it is encouraging to see that this major project is now complete".

For more information, please see the Romanian version of the article, here.