Please see the attached statement from the BVRLA copied to you by Peter Cakebread MD concerning IASB. After a ten-year review, the International Accounting Standards Board (IASB) has published its new International Financial Reporting Standard (IFRS), which will come into effect from 1 January 2019.We have been expecting this confirmation for some time now, and it has gone through several iterations, as interested parties have suggested alterations to many of the original suggested reporting standards.The new standard adopts a new approach - the ‘right of use’ model - which differs substantially from the current arrangement where businesses do not have to report operating leases in company accounts. Under the new model, a lessee (leasing customer) would identify the right to use a leased asset on their balance sheet and incur a corresponding liability for future rental payments.Our industry association, the BVRLA, have produced a fact sheet which seeks to explain the impact of the changes, and this is attached below for your interest.If you have any queries regarding the forthcoming changes, we would advise you to discuss these with your financial advisors. However, you are most welcome to contact us if required.
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Blog posts • Mar 01, 2016 07:41 GMT
We’ve seen them in the movies, from ‘KITT’ the star of Knight Rider to the unfortunate ‘Johnny cabs’ in Total Recall, but when will we see them on our streets? And more specifically, when will they be a reality for everyday use in our companies?
Blog posts • Feb 12, 2016 08:27 GMT
Today in the UK there are over 55,000 electric vehicles (EVs) on the road, and that’s only counting those purchased with help from the government’s Plug-in Car Grant.
Blog posts • Feb 08, 2016 08:06 GMT
The notorious white van man is back and here to stay.
Blog posts • Feb 01, 2016 10:13 GMT
Blog posts • Feb 22, 2016 11:00 GMT
We’ve used hydrogen to power vehicles into the sky above, and now the fuel source is coming to help us move around the earth too.