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Proposed Lease Accounting Changes: Impact on Asset Finance Deals

December 2010
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By Michael Garellek

In Canada, publicly accountable enterprises (“PAE”), with few exceptions, will be required to apply International Financial Reporting Standards (“IFRS”) for financial periods beginning after January 1, 2011.  PAEs, in particular public issuers, face a substantial challenge in preparing for the transition and reporting their first quarter for 2011 in accordance with IFRS.

It is important nonetheless for IFRS adopters to be aware and plan for proposed changes to IFRS rules that are forthcoming.  For instance, the financial statement presentation project proposed by the International Accounting Standards Board (“IASB”) proposes to classify items on the statement of financial position (known as the balance sheet under current Canadian GAAP) and the statement of comprehensive income by activity in the same manner as it is done on the statement of cash flows. This will significantly change the appearance of financial statements as we know them. 

Another equally significant change proposed to IFRS relates to the accounting for leases.

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