Finance Leasing Manual - FLM31.25

First condition: unincorporated lessors

Persons not required to draw up accounts which show a true and fair view are not obliged to apply UK accounting standards in the preparation of their accounts. Where UK accounting standards have not in fact been applied in such a case, it will be necessary to consider, for the reasons set out in FLM31.20, what the treatment of any leasing transaction would have been if those standards had been applied. Paragraph 28(3) puts this point beyond doubt.) Such a case should be handled in the same way as one where the accounts drawn up are subject to foreign standards - see FLM31.22.