US accounting standard setter, the Financial Accounting Standards Board, is
considering forcing companies to include the cost of leased equipment and
property on the balance sheet.
Currently these costs are not included on the debt side of the balance sheet
with a company only required to detail its future lease obligations with a
special footnote in the annual report.
The actual rent payments during any given quarter are deducted in the income
statement for that period.
The new rule would have a major impact on the balance sheet of some of the
world’s biggest companies including drugstore giant Walgreen Co, and postal
services group Federal Express, which have billions of dollars in leasing costs.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation