IAS17 BV2009 - IAS 17 International Accounting Standard 17...

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IAS 17 International Accounting Standard 17 Leases This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 17 Leases was issued by the International Accounting Standards Committee in December 1997. It replaced IAS 17 Accounting for Leases (issued in September 1982). Limited amendments were made in 2000. In April 2001 the International Accounting Standards Board (IASB) resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. In December 2003 the IASB issued a revised IAS 17. Since then, IAS 17 has been amended by the following IFRSs: IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (issued March 2004) IFRS 7 Financial Instruments: Disclosures (issued August 2005). IAS 1 Presentation of Financial Statements (as revised in September 2007) 1 amended the terminology used throughout IFRSs, including IAS 17. The following Interpretations refer to IAS 17: SIC-15 Operating Leases—Incentives (issued December 1998, and subsequently amended) SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease (issued December 2001 and subsequently amended) SIC-29 Service Concession Arrangements: Disclosures (issued December 2001 and subsequently amended) SIC-32 Intangible Assets—Web Site Costs (issued March 2002 and subsequently amended) IFRIC 4 Determining whether an Arrangement contains a Lease (issued December 2004) IFRIC 12 Service Concession Arrangements (issued November 2006 and subsequently amended). 1 effective date 1 January 2009 © IASCF 1
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IAS 17 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 25–30 Disclosures 31–32 Operating leases 33–35 Disclosures 35 LEASES IN THE FINANCIAL STATEMENTS OF LESSORS 36–57 Finance leases 36–48 Initial recognition 36–38 Subsequent measurement 39–46 Disclosures 47–48 Operating leases 49–57 Disclosures 56–57 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 BY THE BOARD OF IAS 17 ISSUED IN DECEMBER 2003 BASIS FOR CONCLUSIONS IMPLEMENTATION GUIDANCE Illustrative examples of sale and leaseback transactions that result in operating leases 2 © IASCF
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IAS 17 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
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This note was uploaded on 02/22/2012 for the course ACCOUNTING 402 taught by Professor Sanaabadry during the Spring '12 term at DISD.

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IAS17 BV2009 - IAS 17 International Accounting Standard 17...

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