The current IAS 17 Leases allows companies to report some categories of leased assets as an expense without corresponding assets or liabilities being recognised in the balance sheet. This approach conflicts with the stated objectives of financial statements as outlined in the IASB’s Conceptual Framework.
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Expressing opinion of agreeing with above statement, arguing IAS17 failing to meet the needs of users of financial statements because they do not provide a faithful representation of leasing transactions, they omit relevant information about rights and obligations that meet the definitions of assets and liabilities, regarding ownership and control, in the boards’ conceptual framework leading to misclassified operational leases off the balance sheet, not fair presentation. also lead to a lack of comparability and undue complexity. Current standard been an issue for a long time due political/industry pressure on standard setters.
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