Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: articles on VAT and GST in India :: cpt :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TDS :: form 3cd :: ACCOUNTING STANDARDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment
 
 
General »
 DHFL loan to Manpreet Estates under tax scan
 Council acts to ease cascading tax impact on petroproducts
 Income Tax comes a cropper tracking shell firms
 Income Tax returns: Is rental income from property taxable in hands of homeowners?
 Tax department to engage with corporates to spur receipts
 Furnish Form 67 to claim foreign tax credit in India tax return
 GST: Commerce ministry to write to finance ministry over trademark rule
 GST: Govt issues clarification to address service tax issues, misses key concerns
 How to file LUT/Bond for SEZ units under GST
 Exemption From Capital Gains On Sale Of Agricultural Land
 FinMin wants RBI to lower rates, boost domestic demand

Deloitte Survey: Only 7pc of Companies Confident to Comply with New Lease Accounting Standards
February, 17th 2011

The new lease accounting standards proposed by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) may have come at a wrong time as only 7 percent of the companies polled by Deloitte said they are ready to comply with new regulations.

As early as it was introduced in August 2010, the proposals for new accounting standards have already met doubts from KPMG and the British Vehicle Rental and Leasing Association (BVRLA) that it could offer a more transparent and simpler approach to accounting.

KPMG said the proposals are complex and that the multiple approaches and rules would probably remain an issue with companies while (BVRLA) considered it an ignorance to the call of several businesses to make accounting standards as simple as possible particularly with short-term, low-value leases.

The recent survey conducted by Deloitte showed a similar response from across industries.

More than 80 percent said the proposed lease accounting standards which is to be implemented by the middle of 2011 will add burden to the financial reporting of tenants and property owners.

Meanwhile, 40 percent said the proposals will make it more difficult for them to obtain financing and another 40 percent said the new accounting standards would result in a shorter-term leases.

Asked whether the integrity of their companys lease data is reliable, only 35 percent responded with confidence.

Approximately 25 percent believed the new accounting standards would necessarily require their companies to upgrade their IT systems to accommodate the proposals while 20 percent said they will replace their existing systems.

Only 21 percent expressed confidence their existing IT systems could cope with the proposed accounting standards for leasing.

Bob OBrien, vice chairman and real estate services leader for Deloitte LLP, said both the balance sheet and tenant strategy and execution of the real estate sector will see the major impact of the new lease accounting standards while owners and operators, he added, will see changes in the demand from their tenants.

Shorter-term leases may be in high demand along with an increased tenant appetite to forego renting in favor of buying, he said.

According to OBrien, the new lease accounting standards will force real estate companies to implement major changes in their operations and re-examine their capital expenditures on new leases, enhanced lease administration and forecasting systems.

Source: http://inaudit.com/reports/deloitte-survey-only-7pc-of-companies-confident-to-comply-with-new-lease-accounting-standards-4941/

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions