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Position paper - Essay Example

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The existing standards do not reflect the majority of leases on the balance sheet of the lessee. Both IFRS and US GAAP require the party for bearing the reward and the risks of ownership…
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Position paper
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Download file to see previous pages The existing lease accounting model is inconsistent in nature. Leasing is regarded as the most preferred financing option for the entities or the organizations. The leasing technique adopted in accordance with the existing technique in the past has caused various problems and differences in presentation of the financial statement of the entity. Therefore in order to overcome the limitations of the accounting standard in relation to the leasing, new proposed International Accounting Standard is formulated or introduced. According to the International Accounting Standard 17lease will not distinguish between the operating and the financial leases.
The limitations or the challenges faced by the company in applying the accounting standard as per the International Accounting Standard and the FASB affected large number of companies or the industries entering into the lease agreement. In response to the criticism faced by the organization or entity for recognizing the operating and financial lease on the balance sheet of the concerned organization or entity, the standards are revised. The existing standard failed to meet the needs and requirement of the users of the financial statement. It fails to provide a faithful representation of the financial and operating leasing transactions. In order to overcome and face the criticisms the Standards in 2006 initiated a joint project for improvement and development of the financial reporting on the leasing activities of the organization under the International Accounting Standard Board and the US GAAP (Walton, 2011). The boards have decided to improve the approach for recognizing the asset and liabilities and the obligations created by the lease activities of the entity. The main objective of improvement or introducing revised accounting standard is that the company must be able to recognize the asset and liabilities arising from a lease. This initiative will ...Download file to see next pagesRead More
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