SIC15 BV2009 - SIC-15 SIC Interpretation 15 Operating...

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SIC-15 SIC Interpretation 15 Operating Leases—Incentives This version includes amendments resulting from IFRSs issued up to 31 December 2008. SIC-15 Operating Leases—Incentives was developed by the Standing Interpretations Committee and issued in December 1998. In April 2001 the International Accounting Standards Board resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. Since then, SIC-15 has been amended by the following IFRSs: IAS 17 Leases (as revised in December 2003) IAS 1 Presentation of Financial Statements (as revised in September 2007). * * effective date 1 January 2009 © IASCF 1
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SIC-15 SIC Interpretation 15 Operating Leases—Incentives (SIC-15) is set out in paragraphs 3–6. SIC-15 is accompanied by a Basis for Conclusions and appendix illustrating the application of the Interpretation. The scope and authority of Interpretations are set out in paragraphs 2 and 7–17 of the Preface to International Financial Reporting Standards . 2 © IASCF
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SIC-15 SIC Interpretation 15 Operating Leases—Incentives References IAS 1 Presentation of Financial Statements (as revised in 2007) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 17 Leases (as revised in 2003) Issue 1 In negotiating a new or renewed operating lease, the lessor may provide incentives for the lessee to enter into the agreement. Examples of such incentives are an up-front cash payment to the lessee or the reimbursement or assumption by the lessor of costs of the lessee (such as relocation costs, leasehold improvements and costs associated with a pre-existing lease commitment of the lessee). Alternatively, initial periods of the lease term may be agreed to be rent-free or at a reduced rent. 2
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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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SIC15 BV2009 - SIC-15 SIC Interpretation 15 Operating...

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