Comparing UK and International Accounting Standards
Whilst there are similarities, of course, the differences are significant and do not lend themselves to summarisation in an article of this length. Some of the key differences are:
- A planned amendment to the international standard on leasing will require the split of a property lease into a lease of land (which is very likely to be an operating lease) and a lease of the building (which may well qualify as a finance lease, bringing the liability for future rentals into the balance sheet)
- The international standards on deferred tax will require that deferred tax is provided on asset revaluations
- IAS 39, Financial instruments recognition and measurement, requires derivatives to be brought into the accounts at fair values. Current UK practice is to require extensive disclosures but there is no general requirement to record gains and losses on incomplete derivatives transactions.
Find out more about the commercial effects of the transition.
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