Methodological aspects of accounting 
for leasing in Belarus in context 
of International Financial Reporting Standards Cover Image

Methodological aspects of accounting for leasing in Belarus in context of International Financial Reporting Standards
Methodological aspects of accounting for leasing in Belarus in context of International Financial Reporting Standards

Author(s): Yury Y. Karaleu
Subject(s): Economy
Published by: Stowarzyszenie Księgowych w Polsce

Summary/Abstract: Research results are presented in the article as a methodological aspect of leasing in Belarus. The function of leasing as a catalyst of economic development on the one hand, and its limited use in the Republic of Belarus have made it necessary to adopt a complex approach to investigating this subject. In comparison with the International Financial Reporting Standards (IFRS) Belarusian legislation and accounting regulations of leasing have lots of disputable and weak points. Among them are: 1) ignoring the extent to which risks and rewards incidental to ownership of a leased asset lie with the lessor or the lessee; 2) ignoring by lessees the recognition of finance leases as assets and liabilities in their balance sheets; 3) different methods of calculating lease payments and accounting for them in the case of finance lease. All the above mentioned aspects are in the process of being changed to achieve compliance with IFRS.

  • Issue Year: 2007
  • Issue No: 40
  • Page Range: 139-145
  • Page Count: 6
  • Language: English