COMPARATIVE CHARACTERISTICS BETWEEN FINANCIAL AND OPERATIONAL LEASING IN THE ACCOUNTING ASPECT

Abstract

In a market economy and striving for fuller satisfaction of consumers’ needs, of their requirements and opportunities, the signing of a lease agreement and accounting operations associated with it are very topical. The lease agreement is a commercial agreement under which the lessor gives the lessee the right to use an asset for a fee for a certain period of time. It includes an agreement for lease of assets which contains a clause allowing the tenant to acquire ownership of the asset subject to the conditions that have been agreed. These contracts are sometimes known as purchase by payment. In this article the goods on lease are the object of study. An emphasis is placed on the requirements of NSS17 and IAS17, the tax aspects of leasing and specificity of reporting under the VAT Act in the Republic of Bulgaria.