New proposals on leasing could lead to a £60bn increase in liabilities for
retailers and banks,
Independent newspaper reports.
The International Accounting Standards Board’s (IASB) leasing proposals will
tighten current leasing rules, forcing listed companies to place operating
leases on to their balance sheets.
Last week Accountancy Age revealed that banks would be particularly affected
by the changes in their role as both major lessees and lessors. Retailers also
stand to be significantly affected, owing to their role as major property
Veronica Poole, audit partner and head of the Deloitte Global IFRS leadership
team, told The Independent the top 50 FTSE companies had operating lease
commitments of about £94bn.
New lease standard could destabilise corporate balance sheets
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned