When did the concept of owning something you don't own start
Discussion
I "bought" a domain name yesterday. I mentioned it to my wife over dinner and she said - "it's really renting it" as you have to pay for continued registration of it to be able to keep it, otherwise you lose it"
I can see where she's coming from.
I'm not sure if that idea of purchasing something you never really own exists elsewhere.
There's lots of software now that we never really own - it's renting the use of it.
With houses - when we buy them, even if there is a loan on the property, you still own it, the lender just has an interest until the loan is paid off.
With cars - some of the purchasing models are in effect renting the use but it isn't represented as a sale.
With personalised number plates, I believe the DVLA have the right to take it off you if you break the rules of how it's displayed but you still own the right to it without having to pay any more.
I can see where she's coming from.
I'm not sure if that idea of purchasing something you never really own exists elsewhere.
There's lots of software now that we never really own - it's renting the use of it.
With houses - when we buy them, even if there is a loan on the property, you still own it, the lender just has an interest until the loan is paid off.
With cars - some of the purchasing models are in effect renting the use but it isn't represented as a sale.
With personalised number plates, I believe the DVLA have the right to take it off you if you break the rules of how it's displayed but you still own the right to it without having to pay any more.
You don't "own" insurance, nor do you "own" money you borrow. You've got a right to use them. Copyrighted content not on physical media (i.e. itunes music) you purchase you "own" but don't really own. You can't bequeath it. I suppose you could own a 999 year lease on a property but you don't own the property.
rodericb said:
You don't "own" insurance, nor do you "own" money you borrow. You've got a right to use them. Copyrighted content not on physical media (i.e. itunes music) you purchase you "own" but don't really own. You can't bequeath it. I suppose you could own a 999 year lease on a property but you don't own the property.
With the media there is nothing to stop you writing that to a physical device which of then you could of course bequeath if needed/wanted as you'd still have the paid versionbigpriest said:
Remember when people used to rent radios, TVs and video recorders?
Now they rent houses, cars and even software. Funny how renting has gone from something people used to look down on, to being normalised, to even being desirable in the case of PCP (can drive round in something newer than you'd otherwise be able to afford).There are changes to UK financial reporting standards coming through in a couple of years - in very crude terms, items you previously thought you were just "renting" will suddenly become ones you appear to "own" as they will need to go onto your balance sheet. This nonsense has been around in International Standards for a good few years now, but it is trickling down to UK small companies. While there is a sort of logic as to why they are doing it, in practical terms it is bonkers.
s2kjock said:
There are changes to UK financial reporting standards coming through in a couple of years - in very crude terms, items you previously thought you were just "renting" will suddenly become ones you appear to "own" as they will need to go onto your balance sheet. This nonsense has been around in International Standards for a good few years now, but it is trickling down to UK small companies. While there is a sort of logic as to why they are doing it, in practical terms it is bonkers.
Do you mean IFRS 16? Yeah it's more work but once computer systems people use are able to do it, it'll be easier to administer. I think you can do as little as disclose in your financial statements notes that you lease stuff.
Gassing Station | The Lounge | Top of Page | What's New | My Stuff