Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARD :: cpt :: articles on VAT and GST in India :: TDS :: list of goods taxed at 4% :: VAT RATES :: Central Excise rule to resale the machines to a new company :: empanelment :: due date for vat payment
 
 
« General »
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956
 Introduce indemnity clauses with suppliers on tax compliance: Expert

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