No reference appears to be made to Operating Leases on the HP/Leasing Policy

Article ID

ias-3814

Article Name

Created Date

18th April 2007

Product

IRIS Accounts Production

Problem

The Hire Purchase/Leasing Accounting Policy does not appear to make any reference to Operating Leases. The following sentence should appear: Rentals paid under operating leases are charged to income as incurred.

Resolution

To generate the sentence above postings should be made on the profit and loss account to the following accounts; 51, 158, 192, 227, 261, 317 & 351.

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