From the course: Accounting Foundations: Leases
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Leasing example: Sir David Tweedie and airplanes
From the course: Accounting Foundations: Leases
Leasing example: Sir David Tweedie and airplanes
- For many years, Sir David Tweedie was the head of the International Accounting Standards Board, the IASB. - Recall that the IASB is based in London and establishes accounting standards followed by public companies in every major economy in the world, everyone except the United States. - Sir David was long known as speaking quite plainly on the need for accounting rules that are simple and that make sense. When faced with a proposal for a complex accounting rule, he is quoted as saying, "Explain that to your granny," meaning if the accounting rule doesn't contain enough common sense for your grandmother to understand it, then it's probably a bad rule. - Sir David Tweedie presided over the IASB when there were many discussions about how company investment portfolios should be reported in their financial statements. - Many traditional accountants argued that these investment portfolios should be recorded at their…
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