BLM00205 – Introduction: Lease Accounting: Outline of lease accounting

The main leasing accounting standards are SSAP 21 (UK GAAP) and IAS 17 (IFRS) and these are outlined in this section of the manual.

SSAP 21 (UK GAAP) is supplemented by

• FRS 5, see BLM10020 and BLM20150
• UITF 28, see BLM12025.
• FLA SORP, see BLM10040

IAS 17 (IFRS) is supplemented by

• IFRIC 4, see BLM10025
• SIC 27, see BLM10035
• SIC 15, see BLM12025
• IFRIC 12, see BLM20150
• certain sections of IAS 39, see BLM10045.

The basics of accounting for operating leases are described at BLM00210 and the basics of finance lease accounting are at BLM00215 onwards.

A more detailed description of operating lease accounting is given at BLM12000 onwards.

A more detailed description of finance lease accounting is given at BLM13000 onwards.