A space odyssey

Thought accounting for leases would be straightforward under IFRS? Think again.

Amid all the public brow-beating over pensions, derivatives and stock options, there’s one little-noticed standard that’s causing just as much grief for preparers. IAS 17, Leases, is proving a major headache, partly because of the management time involved in compliance, and partly because some leases will be reclassified as finance leases, impacting not only balance-sheet ratios but also the P&L.

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