Bt Fleet News
Accounting Proposals Set to Include Leased Vehicles
New rules proposed by the International Accounting Standards Board and the Financial Accounting Standards Board are likely to require leased company vehicles to be accounted for on a company's balance sheet as assets and liabilities. The asset will be the use of the leased item, while payment for the lease will constitute the liability.
The changes, which are aimed at creating an international common standard, are predicted to make accounting for leased company cars more complex and costly.
The new measures are expected to come into force by April 2011.
Source: Fleetnews