ELT Cover Story: Halladay Discusses New Lease Accounting Paradigm
"From Clay to Capitalization: The New Lease Accounting Paradigm" by Shawn Halladay, principal of The Alta Group, is the cover story of the May/June 2009 edition of ELT magazine."Gone are the days when the lessee made a mark on a clay tablet, took his newly leased plow, went to work, and never once thought about the accounting. Fortunately, we no longer use clay to document deals, but are we better off from an accounting perspective? And will the new lease accounting rules positively or negatively affect our business?" asks Halladay.
The article reviews the provisions and application of the Discussion Paper on lease accounting, and how it will affect the way lessors do business. The paper was jointly issued by the IASB and the FASB.
