IAS 17 Leases.docx
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IAS 17 Leases.docx
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IAS17Leases
IAS17Leases
ThisrevisedStandardsupersedesIAS17(revised1997)Leasesandshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.
Contents
IntroductionIN1-IN13
InternationalAccountingStandard17Leases
Objective1
Scope2-3
Definitions4-6
Classificationofleases7-19
Leasesinthefinancialstatementsoflessees20-35
FinanceLeases20-32
InitialRecognition20-24
SubsequentMeasurement25-32
OperatingLeases33-35
Leasesinthefinancialstatementsoflessors36-57
FinanceLeases36-48
InitialRecognition36-38
SubsequentMeasurement39-48
OperatingLeases49-57
Saleandleasebacktransactions58-66
Transitionalprovisions67-68
Effectivedate69
WithdrawalofIAS17(revised1997)70
Appendix:
AmendmentstoOtherPronouncements
ApprovalofIAS17bytheBoard
Basisforconclusions
ImplementationGuidance:
IllustrativeExamplesofSaleandLeasebackTransactionsthatResultinOperatingLeases
Tableofconcordance
InternationalAccountingStandard17Leases(IAS17)issetoutinparagraphs1-70andtheAppendix.AlltheparagraphshaveequalauthoritybutretaintheIASCformatoftheStandardwhenitwasadoptedbytheIASB.IAS17shouldbereadinthecontextofitsobjectiveandtheBasisforConclusions,thePrefacetoInternationalFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.IAS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsprovidesabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance.
Introduction
IN1.InternationalAccountingStandard17Leases(IAS17)replacesIAS17Leases(revisedin1997)andshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.
ReasonsforRevisingIAS17
IN2.TheInternationalAccountingStandardsBoarddevelopedthisrevisedIAS 17aspartofitsprojectonImprovementstoInternationalAccountingStandards.TheprojectwasundertakeninthelightofqueriesandcriticismsraisedinrelationtotheStandardsbysecuritiesregulators,professionalaccountantsandotherinterestedparties.Theobjectivesoftheprojectweretoreduceoreliminatealternatives,redundanciesandconflictswithintheStandards,todealwithsomeconvergenceissuesandtomakeotherimprovements.
IN3.ForIAS17theBoard'smainobjectivewasalimitedrevisiontoclarifytheclassificationofaleaseoflandandbuildingsandtoeliminateaccountingalternativesforinitialdirectcostsinthefinancialstatementsoflessors.
IN4.BecausetheBoard'sagendaincludesaprojectonleases,theBoarddidnotreconsiderthefundamentalapproachtotheaccountingforleasescontainedinIAS17.Forthesamereason,theBoarddecidednottoincorporateintoIAS17relevantSICInterpretations.
TheMainChanges
Scope
IN5.AlthoughIAS40InvestmentPropertyprescribesthemeasurementmodelsthatcanbeappliedtoinvestmentpropertiesheld,itrequiresthefinanceleaseaccountingmethodologysetoutinthisStandardtobeusedforinvestmentpropertiesheldunderleases.
Definitions
Initialdirectcosts
IN6.Initialdirectcostsareincrementalcoststhataredirectlyattributabletonegotiatingandarrangingalease.Thedefinitionoftheinterestrateimplicitintheleasehasbeenamendedtoclarifythatitisthediscountratethatresultsinthepresentvalueoftheminimumleasepaymentsandanyunguaranteedresidualvalueequallingthefairvalueoftheleasedassetplusinitialdirectcostsofthelessor.
Inceptionofthelease/Commencementoftheleaseterm
IN7.ThisStandarddistinguishesbetweentheinceptionofthelease(whenleasesareclassified)andthecommencementoftheleaseterm(whenrecognitiontakesplace).
Unearnedfinanceincome/Netinvestmentinthelease
IN8.ThedefinitionsofthesetermshavebeensimplifiedandarticulatedmoreexplicitlytocomplementthechangesrelatingtoinitialdirectcostsreferredtoinparagraphsIN10-IN12andthechangeinthedefinitionoftheinterestrateimplicitintheleasereferredtoinparagraphIN6.
ClassificationofLeases
IN9.Whenclassifyingaleaseoflandandbuildings,anentitynormallyconsidersthelandandbuildingselementsseparately.Theminimumleasepaymentsareallocatedbetweenthelandandbuildingselementsinproportiontotherelativefairvaluesoftheleaseholdinterestsinthelandandbuildingselementsofthelease.Thelandelementisnormallyclassifiedasanoperatingleaseunlesstitlepassestothelesseeattheendoftheleaseterm.ThebuildingselementisclassifiedasanoperatingorfinanceleasebyapplyingtheclassificationcriteriaintheStandard.
InitialDirectCosts
IN10.Lessorsincludeintheinitialmeasurementoffinanceleasereceivablestheinitialdirectcostsincurredinnegotiatingalease.Thistreatmentdoesnotapplytomanufacturerordealerlessors.Manufacturerordealerlessorsrecognisecostsofthistypeasanexpensewhenthesellingprofitisrecognised.
IN11.Initialdirectcostsincurredbylessorsinnegotiatinganoperatingleaseareaddedtothecarryingamountoftheleasedassetandrecognisedovertheleasetermonthesamebasisastheleaseincome.
IN12.TheStandarddoesnotpermitinitialdirectcostsoflessorstobechargedasexpensesasincurred.
TransitionalProvisions
IN13.Asdiscussedinparagraph68oftheStandard,anentitythathaspreviouslyappliedIAS17(revised1997)isrequiredtoapplytheamendmentsmadebythisStandardretrospectivelyforallleases,orifIAS17(revised1997)wasnotappliedretrospectively,forallleasesenteredintosinceitfirstappliedthatStandard.
Objective
1.TheobjectiveofthisStandardistoprescribe,forlesseesandlessors,theappropriateaccountingpoliciesanddisclosuretoapplyinrelationtoleases.
Scope
2.ThisStandardshallbeappliedinaccountingforallleasesotherthan:
(a)leasestoexplorefororuseminerals,oil,naturalgasandsimilarnon-regenerativeresources;and
(b)licensingagreementsforsuchitemsasmotionpicturefilms,videorecordings,plays,manuscripts,patentsandcopyrights.
However,thisStandardshallnotbeappliedasthebasisofmeasurementfor:
(a)propertyheldbylesseesthatisaccountedforasinvestmentproperty(seeIAS40InvestmentProperty);
(b)investmentpropertyprovidedbylessorsunderoperatingleases(seeIAS40);
(c)biologicalassetsheldbylesseesunderfinanceleases(seeIAS 41Agriculture);or
(d)biologicalassetsprovidedbylessorsunderoperatingleases(seeIAS41).
3.ThisStandardappliestoagreementsthattransfertherighttouseassetseventhoughsubstantialservicesbythelessormaybecalledforinconnectionwiththeoperationormaintenanceofsuchassets.ThisStandarddoesnotapplytoagreementsthatarecontractsforservicesthatdonottransfertherighttouseassetsfromonecontractingpartytotheother.
Definitions
4.ThefollowingtermsareusedinthisStandardwiththemeaningsspecified:
Aleaseisanagreementwherebythelessorconveystothelesseeinreturnforapaymentorseriesofpaymentstherighttouseanassetforanagreedperiodoftime.
Afinanceleaseisaleasethattransferssubstantiallyalltherisksandrewardsincidentaltoownershipofanasset.Titlemayormaynoteventuallybetransferred.
Anoperatingleaseisaleaseotherthanafinancelease.
Anon-cancellableleaseisaleasethatiscancellableonly:
(a)upontheoccurrenceofsomeremotecontingency;
(b)withthepermissionofthelessor;
(c)ifthelesseeentersintoanewleaseforthesameoranequivalentassetwiththesamelessor;or
(d)uponpaymentbythelesseeofsuchanadditionalamountthat,atinceptionofthelease,continuationoftheleaseisreasonablycertain.
Theinceptionoftheleaseistheearlierofthedateoftheleaseagreementandthedateofcommitmentbythepartiestotheprincipalprovisionsofthelease.Asatthisdate:
(a)aleaseisclassifiedaseitheranoperatingorafinancelease;and
(b)inthecaseofafinancelease,theamountstoberecognisedatthecommencementoftheleasetermaredetermined.
Thecommencementoftheleasetermisthedatefromwhichthelesseeisentitledtoexerciseitsrighttousetheleasedasset.Itisthedateofinitialrecognitionofthelease(ietherecognitionoftheassets,liabilities,incomeorexpensesresultingfromthelease,asappropriate).
Theleasetermisthenon-cancellableperiodforwhichthelesseehascontractedtoleasetheassettogetherwithanyfurthertermsforwhichthelesseehastheoptiontocontinuetoleasetheasset,withorwithoutfurtherpayment,whenattheinceptionoftheleaseitisreasonablycertainthatthelesseewillexercisetheoption.
Minimumleasepaymentsarethepaymentsovertheleasetermthatthelesseeisorcanberequiredtomake,excludingcontingentrent,costsforservicesandtaxestobepaidbyandreimbursedtothelessor,togetherwith:
(a)foralessee,anyamountsguaranteedbythelesseeorbyapartyrelatedtothelessee;or
(b)foralessor,anyresidualvalueguaranteedtothelessorby:
(i)thelessee;
(ii)apartyrelatedtothelessee;or
(iii)athirdpartyunrelatedtothelessorthatisfinanciallycapableofdischargingtheobligationsundertheguarantee.
However,ifthelesseehasanoptiontopurchasetheassetatapricethatisexpectedtobesufficientlylowerthanfairvalueatthedatetheoptionbecomesexercisableforittobereasonablycertain,attheinceptionofthelease,thattheoptionwillbeexercised,theminimumleasepaymentscomprisetheminimumpaymentspayableovertheleasetermtotheexpect
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