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Accounting treatment of Finance Leases

tweety#2 · 2010-08-09 14:43:58

Hi, I was recently told that the Accounting Treatment of Finance Leases has changed and the monthly repayment can now be charged direct to the Profit & Loss account rather than having to Capitalise the Asset and the Lease Liability (ie. they can be treated the same as an Operating Lease). Does anybody know if this is…

09-08-2010 2:43pm

#1

tweety#2

Closed Accounts Posts: 13 ✭

Join Date: November 2008

Posts: 8

Hi,

I was recently told that the Accounting Treatment of Finance Leases has changed and the monthly repayment can now be charged direct to the Profit & Loss account rather than having to Capitalise the Asset and the Lease Liability (ie. they can be treated the same as an Operating Lease).

Does anybody know if this is correct and if there is any information available on these changes?

Thank you,

Tweety#2

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Comments

#2 09-08-2010 2:59pm

smcgiff

Closed Accounts Posts: 5,943 ✭✭✭

Join Date: January 2007

Posts: 5788

We still treat Finance Leases as per FRS17 - however there may have been recent changes for SME's - I think they were to be brought in. Best person to know might be a student.

Hopefully someone here will elaborate.

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