Retirement at 65 could be scrapped in 2010

New Accounting Rules will “add to burden of small firms”

Hundreds of thousands of small companies will face extra administration if proposals to change accountancy rules for leasing are accepted by the UK, the Forum of Private Business (FPB) has warned. Companies that lease equipment, including cars, commercial vehicles, machinery and PCs, do not have to include them on their balance sheets as assets. Under new rules proposed by the International Accounting Standards Board (IASB), however, leased items would be treated as a purchase, and recorded as an asset. The rule has been introduced by the IASB to stop larger businesses using leasing to buy equipment without recording it as an asset. According to the FPB, up to 400,000 UK small businesses that use leasing to control cashflow will be unfairly and disproportionately affected by the new rule. ... »