Backlash against ASB.
The backlash against the Accounting Standards Board’s contentious discussion paper on lease accounting has begun amid fears it will add billions of pounds to the balance sheets of companies which have previously been able to keep operating leases off balance sheet. Martin Hall, director general of the Finance and Leasing Association, said: ‘We welcome greater transparency, but the ASB is a long way from proving that the new approach would deliver it.’ Norman Donkin, director general of the BVRLA, said: ‘In relation to the contract hire of vehicles, the ASB’s proposals are misguided and based on principles which fail to reflect commercial reality.’
