FRS 105 Opertaing lease disclosure
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leeGrant77
Registered Posts: 29 Regular contributor ⭐
Hi Fellow AAT members,
Im looking to reassure myself as i prepare a year end for a client.
Im dealing with 2 cars on contract hire, 48 months which were taken our during the year.
My thoughts are these are operating leases and the payments are already in the P&L but nothing on the Balance sheet.
However i think it needs to be disclosed as a note to the accounts that there is liability of £x due in the next 12 months and £x.xx for subsequent years.
This is correct isn't it?
Im looking to reassure myself as i prepare a year end for a client.
Im dealing with 2 cars on contract hire, 48 months which were taken our during the year.
My thoughts are these are operating leases and the payments are already in the P&L but nothing on the Balance sheet.
However i think it needs to be disclosed as a note to the accounts that there is liability of £x due in the next 12 months and £x.xx for subsequent years.
This is correct isn't it?
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