Deloitte (UK) press release on IASB leases proposals

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18 Aug, 2010

Further to our earlier story, Deloitte (United Kingdom) has published a press release on the IASB's proposals in ED/2010/9 Leases.

Excerpts from the press release:

Veronica Poole, head of the Deloitte Global IFRS Leadership Team, said:

"The proposals mean that all leases would be brought onto the balance sheet as liabilities, along with their matching assets. It means that IASB Chairman, Sir David Tweedie, may yet achieve his oft-repeated ambition of flying on an aircraft which actually appears on that airline's balance sheet"

Mark Beddy, UK audit partner in the Deloitte real estate practice, commented:

"In the long-term, we believe that the accounting changes in the treatment of property leases will transform the way many companies approach property strategies. Property in general will need to become a much more strategic business issue. Forced to view property as having a balance sheet liability, companies will have to give much more consideration to how to manage and reduce it."

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