An unusual question and a sensible question came in together ... I answered the sensible one! Odd one: I have been told that THere's a great web site for Queries... Could you please give me the address please? thx. Sensible one: I have been searching for more details information about "off balance sheet financing", most of the definition related to joint ventures, R&D partnerships, and operating leases. However, the essay I need to write is about the FRS5 "Reporting the substance of Transactions" distingush between items that should be included in the balance sheet and those that should not... what is it related to Joint Venture,,partnership?? What kind of things shall I write to make more sense?????? Here's what I told this chap! Dear Lau, I don’t know what Queries web site you mean: is it for accounting, computing … ? I have to say that I am not an expert on financial reporting standards but here are a couple of pointers. Go to this page to see a list of library resources that will help you here: this assumes you are able to use a good English language library. The link on this page to Substance over Form didn’t work for me [UPDATE: the custodian of that list, Chris Lamb, has written to tell me that the link has now been fixed]; but this one did: this one There is a link on that second page to a case study that you might be able to use: this case includes discussion of UK Standards as well as IAS and others. Here’s an article from the ACCA I found this by searching the ACCA web site with reporting the substance of transactions. Repeat that search and you will find other useful links to articles and so on … such as this one From the UK government here is a brief summary about FRS5 and the PFI and in similar vein but much more comprehensive and here’s a Word document Here’s FRS5 in action in an annual report They know a lot about financial reporting at the Motley Fool so here they are then! Well, that should be enough to get you started: let me know if there’s anything else I can do to help. Best wishes DW