IASB Discussion Paper

Thursday, July 09, 2009

International accountant and shipping consultant Moore Stephens has reminded the shipping industry that it has until July 17 this year to respond to an International Accounting Standards Board (IASB) discussion paper on the accounting treatment of leases. “Although it is likely to be at least two years before any new standard comes into effect, the big decisions on what will constitute that standard will be made now,” says Richard Greiner, a partner with the Moore Stephens shipping group. “For that reason, it is important that shipping makes its voice heard before the discussion paper deadline, and it is encouraging to see that the Chamber of Shipping, as the trade association for the UK shipping industry, has canvassed its members about the possibility of making a submission to the IASB.”

The discussion paper, which deals primarily with leases from the perspective of the lessee, has been prompted by the IASB view that operating leases, using the existing definition, give rise to assets and liabilities which are not currently reflected in financial statements. The IASB also says that the differences between operating and finance leases are often quite small, yet the accounting treatment adopted for each is fundamentally different. It also notes that, as a result, it may be possible to structure a lease so that the underlying financing obligations are not recorded as a liability on the balance sheet.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Euroseas Sells C/V Marinos

Euroseas Ltd.  an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes,

Bill on Danish Maritime Planning Submitted

The bill is to form the basis of a maritime planning act intended to promote economic growth and development of sea areas. The Danish Maritime Authority is to head the work.

Plans to Create Rio Doce Fund

Vale and BHP Billiton announced today plans to work together, with Samarco, to establish a voluntary, non-profit fund to support the rescue and recuperation of the Rio Doce river system,

Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0707 sec (14 req/sec)