Leasing is one way for companies to utilise buildings or equipment without owning them. There are many advantages to a finance or operating lease; among them capital outlay, cash flow, and flexibility. Under the current accounting standard on leases (FRS 17), operating leases are “off-balance sheet” and not reported as liabilities on the balance sheet.
AUDITOR'S REPORT ON OI - ARE CHARITIES AFFECTED?
In Part I of 'Enhancements in Auditors' Reporting', Baker Tilly TFW Assurance Partner Susan Foong provided an overview of the new auditor reporting standards and how they will affect public and private companies in 2017. In this blog post, we take a closer look at the impact of OI on charities.
In the past, the auditor's opinion on financial statements had been either that the financial statements gave a true and fair view of financial position and financial performance with regard to applicable accounting standards, or not.