Юридические документы о лизинге.
Проект документов о лизинге учрежден 01-10-1999 ; редакция от 01-11-2001.
Международная лизинговая энциклопедия.
The International Leasing Encyclopedia by Steven Gilyeart.
Энциклопедии не было в интернет последние полтора года, но это не означает, что ее нет вообще. я взял на себя смелость разместить на этом сайте всю подборку статей (собственно энциклопедию), с указанием адресов электронных почт авторов материалов и редактора. Материал на английском языке.
International Accounting Standards and the Trend Toward Harmonization International Accounting Standards (IAS) are almost always a reference to the accounting standards as promulgated by the International Accounting Standards Committee (IASC), headquartered in London. It is the stated goal of the IASC to create and promote a "single, uniform, globally applied and enforced set of standards in financial accounting and reporting." Such is an ambitious goal.
International v. Domestic Accounting Standards Most countries do not follow international accounting standards, relying instead upon their own domestic accounting standards. These domestic accounting standards are usually promulgated and maintained by the professional accounting organization in the country, but some domestic accounting standards are legislated by the government and may have the force of law, such as in the Russian Federation, where the law actually specifies the chart of accounts to be used down to the assigned, unique line numbers. Other accounting laws may be more basic, such as in the Lao PDR, which requires only the simplest of financial reports. Some countries may require that a company that desires to use international accounting standards have special permission to do so, such as Belgium. Other countries may mandate that the international accounting standards are the domestic standards, as Panama has done, beginning in 1999.
The Standards and Their Interpretations At present there are only 34 International Accounting Standards, numbered IAS 1 through IAS 36. (Click here for an updated list and access to IASC summaries of each Standard.) However, compliance with the Standard by itself is not enough if there has also been a relevant Interpretation issued by the Standing Interpretations Committee. To date, there are 7 official interpretations. (Click here for an IASC summary of each Interpretation.)
Revision of IAS 17--Accounting for Leases The leasing standard, IAS 17, has just recently been revised, effective 1 January 1999. (Click here for the IASC summary of the revised IAS 17.)
Harmonization Although there is strong resistance in a number of areas of the world, particularly Continental Europe and Latin America, there is a clear trend toward harmonization of the world's various accounting standards. This is occurring now because of the globalization of the world's economies and their integration into an ever-unifying market. This is particularly true with the capital markets, where investor needs for diversification and variable risk appetites generate significant economic activity in locales far from the investor's homes.
The Standards By Title IAS 1--Presentation of Financial Statements IAS 2--Inventories IAS 3--(Replaced by IAS 27) IAS 4--Depreciation IAS 5--Information to Be Disclosed in Financial Statements IAS 6--(Replaced by IAS 15) IAS 7--Cash Flow Statements IAS 8--Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies IAS 9--Research and Development Costs IAS 10--Contingencies and Events Occurring After the Balance Sheet IAS 11--Construction Contracts IAS 12--Income Taxes IAS 13--Presentation of Current Assets and Current Liabilities IAS 14--Segment Reporting IAS 15--Information Reflecting the Effects of Changing Prices IAS 16--Property, Plant and Equipment IAS 17--Accounting for Leases IAS 18--Revenue IAS 19--Employee Benefits IAS 20--Accounting for Government Grants and Disclosure of Government Assistance IAS 21--The Effects of Changes in Foreign Exchange Rates IAS 22--Business Combinations IAS 23--Borrowing Costs IAS 24--Related Party Disclosures IAS 25--Accounting for Investments IAS 26--Accounting and Reporting by Retirement Investment Plans IAS 27--Consolidated Financial Statements and Accounting for Investments in Subsidiaries IAS 28--Accounting for Investments in Associates IAS 29--Financial Reporting in Hyperinflationary Economies IAS 30--Disclosures in the Financial Statements of Banks and Similar Financial Institutions IAS 31--Financial Reporting of Interests in Joint Ventures IAS 32--Financial Instruments: Disclosures and Presentations IAS 33--Earnings Per Share IAS 34--Interim Financial Reporting IAS 35--Discounting Operations IAS 36--Impairment of Assets
With such globalization of investment activity, there is a need for similarity and comparability in financial reports. Accordingly, it is not surprising that the effort toward harmonization is being led by the International Organization of Securities Commissions (IOSC), the administrators of the various stock exchanges around the world.
The Interpretations SIC 1--Consistency--Different Cost Formulas (sic) for Inventories SIC 2--Consistency--Capitalisation of Borrowing Costs SIC 3--Elimination of Unrealised Profits and Losses on Transactions with Associates SIC 4--NA SIC 5--Classification of Financial Instruments--Contingent Settlement Provisions SIC 6--Costs of Modifying Existing Software SIC 7--Introduction of the Euro
In 1993 IOSC agreed upon a list of 40 core accounting standards that "would comprise a comprehensive body of principles for enterprises undertaking crossborder offerings and listings." IASC has been working with IOSC in modification of many of the IASC Standards such that they may qualify as those core standards. (Click here for the current IASC status report on that effort.) The ultimate goal is to allow a company complying with a core set of harmonized standards, essentially international standards, to be able to use a single set of financial reports for possible listing in any of a number of exchanges. Already 19 exchanges allow foreign companies that issue local securities to prepare consolidated financial statements using International Accounting Standards. (Click here for the current IASC list of such exchanges.) The Finance Ministers of the G7 also support international accounting harmonization. Following their summit meeting in Cologne 18-20 June 1999, they issued a report which states: "We support and commend the efforts being taken by private sector bodies to enhance transparency. We welcome the completion by the International Accounting Standards Committee of its core set of international accounting standards, and we look forward to IOSCO, IAIS and the Basle Committee completing their reviews. We urge all those involved in setting accounting standards to work together so that high quality accounting standards can continue to be developed and agreed internationally."
Harmonization Dissent As appealing as harmonization appears, there is dissent, particularly in Continental Europe and Latin America. In the 1980s, a group taking issue with the approach of IAS 17 and FASB 13 that requires capitalization of finance leases (sometimes known as the "Anglo-Saxon Model") issued the "Declaration of Seville" affirming their commitment to the position that all leases should be off-balance sheet (aka the "Continental Model"). As recently as the 1997 World Leasing Convention in Istanbul, the "Continental v. Anglo-Saxon" issue was still being hotly debated. The issue has been further expanded by Australian Warren McGregor's proposal for "A New Approach" to lease accounting that would result in all leases being placed on the balance sheet, including operating leases. Unity of opinion on the proper accounting for leases remains a ways off.
The Future Whatever the problems with existing accounting standards, it must be remembered that accounting is an art, not a science. The first two words in the acronym GAAP are "generally accepted." There may be different accounting for different purposes. Even a company's management may not find GAAP accounting suitable for its day-to-day purposes. This situation is so common that such accounting has its own recognized name--managerial accounting. Without a doubt, the harmonization trend is on a roll, driven by the global market itself. The trend is not likely to reverse. Yet, while differences decline, some will always remain. Harmonization does not necessarily mean a commonizing simplicity, for as the world marketplace integrates, it also becomes far more sophisticated--and sophistication can and usually does mask the most subtle complexities.
by Steven Gilyeart Updated 11 August 1999
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