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BLM00020 - Introduction: Leasing: Introduction to accounting standards
You should check the other guidance available on GOV.UK from HMRC as Brexit updates to those pages are being prioritised before manuals.
The guidance that follows is not intended to give comprehensive coverage of all aspects of lease accounting. The guidance aims to give an overview to allow an understanding of commonly found features in lessors’ and lessees’ accounts. You should initially refer any specific accounting issues not covered in the guidance to your advisory accountant.
There are two acceptable accounting conventions in the UK: UK GAAP and International Financial Reporting Standards (IFRS). For tax purposes, both these standards form part of what is referred to as generally accepted accounting practice (‘GAAP’ – as distinct from ‘UK GAAP’).