IAS17_06 - IAS 17 International Accounting Standard 17...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
IAS 17 © IASCF 969 International Accounting Standard 17 Leases This version includes amendments resulting from new and amended IFRSs issued up to 31 December 2005.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
IAS 17 970 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN13 INTERNATIONAL ACCOUNTING STANDARD 17 LEASES OBJECTIVE 1 SCOPE 2–3 DEFINITIONS 4–6 CLASSIFICATION OF LEASES 7–19 LEASES IN THE FINANCIAL STATEMENTS OF LESSEES 20–35 Finance leases 20–32 Initial recognition 20–24 Subsequent measurement 25–32 Operating leases 33–35 LEASES IN THE FINANCIAL STATEMENTS OF LESSORS 36–57 Finance leases 36–48 Initial recognition 36–38 Subsequent measurement 39–48 Operating leases 49–57 SALE AND LEASEBACK TRANSACTIONS 58–66 TRANSITIONAL PROVISIONS 67–68 EFFECTIVE DATE 69 WITHDRAWAL OF IAS 17 (REVISED 1997) 70 APPENDIX Amendments to other pronouncements APPROVAL OF IAS 17 BY THE BOARD BASIS FOR CONCLUSIONS IMPLEMENTATION GUIDANCE Illustrative examples of sale and leaseback transactions that result in operating leases
Background image of page 2
IAS 17 © IASCF 971 International Accounting Standard 17 Leases (IAS 17) is set out in paragraphs 1–70 and the Appendix. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 17 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
IAS 17 972 © IASCF Introduction IN1 International Accounting Standard 17 Leases (IAS 17) replaces IAS 17 Leases (revised in 1997) and should be applied for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. Reasons for revising IAS 17 IN2 The International Accounting Standards Board developed this revised IAS 17 as part of its project on Improvements to International Accounting Standards. The project was undertaken in the light of queries and criticisms raised in relation to the Standards by securities regulators, professional accountants and other interested parties. The objectives of the project were to reduce or eliminate alternatives, redundancies and conflicts within the Standards, to deal with some convergence issues and to make other improvements. IN3 For IAS 17 the Board’s main objective was a limited revision to clarify the classification of a lease of land and buildings and to eliminate accounting alternatives for initial direct costs in the financial statements of lessors. IN4 Because the Board’s agenda includes a project on leases, the Board did not reconsider the fundamental approach to the accounting for leases contained in IAS 17. For the same reason, the Board decided not to incorporate into IAS 17 relevant SIC Interpretations. The main changes
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/12/2011 for the course ECON 801 taught by Professor Brend during the Summer '11 term at Abu Dhabi University.

Page1 / 28

IAS17_06 - IAS 17 International Accounting Standard 17...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online