Leases and hire purchase contracts

Mike Davies, Ron Paterson and Allister Wilson
Additional contact information
Mike Davies: Ernst & Young
Ron Paterson: Ernst & Young
Allister Wilson: Ernst & Young

Chapter Chapter 14 in UK Gaap, 1992, pp 805-859 from Palgrave Macmillan

Abstract: Abstract SSAP 21 broke new ground in UK financial reporting in that it was the first accounting standard to effectively require the application of the concept of substance over form. Through this, companies were required to capitalise assets in their balance sheets (together with the corresponding obligations) in prescribed circumstances — irrespective of the fact that legal title to those assets vested in another party.

Keywords: Balance Sheet; Accounting Period; Loss Account; Guidance Note; Finance Charge (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-12998-0_14

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DOI: 10.1007/978-1-349-12998-0_14

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