There are more proposals afoot to implement IFRS changes to how commercial leases are accounted for in annual reports for all companies. From the Australian
Bl**dy accountants! The interference of the international body in the provision of standards which are not required is an absolute pain in the proverbial. Very similar to the effect that SOX had on US/Aust companies where reporting had to be substantially altered to meet the new US standard but had little relevance to the Australian experience.
It is fair enough that the lease is recognised as a liability for the term of the lease and that there is a requirement to provide for defit etc – why do the standards need to go further and require that you will soon need to have a degree in accounting or an MBA to understand your own business reports?
Do the accountants & lawyers see this as a good move (possibly for them at least).
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