International accounting standards relating to accounting for lease contracts requires publicly listed companies to ensure that the leases meet IAS/IFRS requirements.
Rentys helps businesses meet these accounting requirements, having developed expertise in “deconsolidating” operational leases whilst on-going compliance with the IAS | IFRS standards, remains the responsibility of the auditors acting on behalf of the lessee.
Main features of the IAS standard
- There is no transfer of property at the end of term
- Present value of payments does not correspond to the value of the leased equipment
- The lease term does not cover the life of the asset.