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International Accounting Standard (IAS) 17
Leases


International Financial Reporting Standards (IFRS)
International Accounting Standards (IAS)
U.S. GAAP by Topic

International Accounting Standard (IAS) 17
  
   IAS 17
   Leases
   IAS 17 first issued in September 1982
   IAS 17 revised in December 2003
   Recent amendment: by IFRS 7 issued in August 2005
  
   Classification of leases
      (1) Finance lease
      (2) Operating lease
  
   Finance lease
      --> the risks and rewards of ownership are transferred to lessee
  
   Operating lease
      --> all leases other than finance lease
  
   Accounting for lessees

     (1) Finance lease
          --> fair value of leased property is
          --> recognized as assets and liabilities on the financial statements
          --> present value of minimum lease payments, if this amount is lower

     (2) Operating lease
          --> lease payments are
          --> recognized as an expense
          --> straight-line basis
          --> over the lease term
  
   Accounting for lessors

     (1) Finance lease
          --> net investment in the lease is
          --> recognized as receivables

     (2) Operating lease
          --> lease income is
          --> recognized in income
          --> straight-line basis
          --> over the lease term
  
   Net investment in the lease
      --> gross investment in the lease
      --> discounted
      --> at the interest rate implicit in the lease
  
   Gross investment in the lease
      --> the aggregate of
            (1) minimum lease payments receivable
            (2) unguaranteed residual value
  
  




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