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What do the regulations mean for local GAAP?

Local GAAP is mandatory for all companies classified as large. This includes companies that have:

Once two of these criteria have been fulfilled two years in row, companies are considered to be large in the third year.

Local GAAP is fundamentally based on IFRS for small and medium-sized companies, but is simplified compared to IFRS, which listed companies must follow. Most areas are very similar and have very small differences compared to IFRS, but in leasing, there are differences.

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Deferred tax under local GAAP

The reason for this is that the legal entity is liable for taxation and reports expected tax, which for leasing is calculated on the difference between assets and liabilities. Under local GAAP, only financial leasing contracts are recognised on the balance sheet, while operational leasing contracts are recognised only as future cash flows in the note for the total of fees payable within 1-12 months, 13-60 months, and 60+ months.

Successive income recognition under local GAAP

Successive income recognition means that companies that have sold a "project," such as a property, must distribute the revenues as the project progresses and not 100% on day one, for example.

Component depreciation

Component depreciation means that there are rules for certain properties as to how similar parts can be depreciated, depending on how the expected lifetime differs between the various parts. In real estate, for example, roofs have a different depreciation period to electricity.

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