Arrangement for FRS 116 leasing (aircrafts/ vessels/ trucks)
With effective from financial periods beginning 1 January 2019, FRS 116 Leases no longer makes a distinction between operating and finance lease to a lessee. With significant change in lessee accounting, this can pose major challenges on how lessees account for their future leases. This is a costly exercise, especially for logistics companies with large amount of lease contracts related to aircrafts, vessels and/or trucks.
We help you to understand the implications and resolve challenges surrounding FRS 116:
- The overall impact from adopting FRS116 accounting treatment on your company
- Outsourcing of accounting functions to ensure smooth adoption process
- Training of accounting staff
Find out more about our audit and assurance services.