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No reference appears to be made to Operating Leases on the HP/Leasing Policy

Article ID
ias-3814
Article Name
No reference appears to be made to Operating Leases on the HP/Leasing Policy
Created Date
18th April 2007
Product
IRIS Accounts Production
Problem
The Hire Purchase/Leasing Accounting Policy does not appear to make any reference to Operating Leases. The following sentence should appear: Rentals paid under operating leases are charged to income as incurred.
Resolution
To generate the sentence above postings should be made on the profit and loss account to the following accounts; 51, 158, 192, 227, 261, 317 & 351.

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