Apr 13
Explain lease accounting Lease accounting refers to the process of accounting for leases, which are contracts between a lessor (the owner of an asset) and a lessee (the user of that asset) that allow the lessee to use the asset for a specified period of time in exchange for regular lease payments. The International Financial …
Sep 13
Comments on Exposure Draft ED/2013/6 I generally welcome the reconsiderations of the IASB and FASB Boards in response to the feedback on the first exposure draft, ED/2010/09. However a number of issues, inconsistencies and unnecessary complexities remain. I summarise my main concerns below. Letter to IASB re Leases ReExposure Draft
May 20
Update May 2013: Since the publication of this article in December 2010, there have been significant delays to the re-drafting of the Lease Accounting Standards ED1. The Re-Exposure Draft was finally published in May 2013 and, as expected, that it still contains significant changes for both Lessees and Lessors, including many of the issues discussed in this article. Will IT …
May 01
Going multinational opens up multiple extra dimensions in system complexity. The biggest strategic efficiency for multinational systems is gained by having front-end, administration and accounting systems that can travel in these extra dimensions Multi-Format – Culture-specific number formats (thousand and decimal separators) currency symbols (prefixes or suffixes) and date formats are essential to present users …
May 01
Henry Ford is the father of modern mass production. His production lines established Ford as the first global car manufacturer. Yet it was not until 34 years after his death that Ford produced their first global car – the Ford Escort. Ford set out to use common components worldwide, but by the time the Escort …
May 01
For many international finance organisations there is a holy grail of a single system and standardised global processes that can deliver best practices and major efficiencies. But can a single platform meet all the diverse needs of the local businesses? Do the complexities, costs, delivery time and risk of global projects outweigh the benefits? In …