kim2_0001648 - OBJECTIVES After this chapter the student...

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OBJECTIVES After this chapter, the student will know how to account for:  Leases (IAS 17)  Impairment of assets (IAS 36)  Assets that are used in exploring Mineral Resources (IFRS 6)  Financial Instruments (IAS 32, 39 and IFRS 7) INTRODUCTION Leasing is a unique form of intermediate term financing. It is also a major form of ‘off balance sheet’ financing, though disclosure of leased assets and corresponding obligations in financial statements are now increasingly required internationally. IAS 36 applies to all tangible, intangible and financial assets except inventories, assets arising
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from construction contracts, deferred tax assets, assets arising under IAS 19, employee benefits and financial assets within the scope of IAS 32, Financial instruments, disclosures and presentation. DEFINITION OF KEY TERMS Lease is an agreement whereby the lessor conveys to the lessee, in return for rent, the right to use an asset for an agreed period of time.
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