IAS 17 Lease is currently being replaced by IFRS 16 Leases which is developed by International Accounting Standards Board. /Resources << Under IAS 17, the impact on profit or loss in the year 1 was CU 10 000, as we recognized the full rental payment in profit or loss.. /ModDate (D:20160520124412+01'00') By: Ivan Marx Olarte, CPA The year 2019 is drawing near. IAS 17 names also further 3 indicators that lead to the lease being classified as a finance lease. /ColorSpace /DeviceRGB Interest of CU 1 167, plus; Depreciation of CU 7 780, plus ; Expense for cleaning services of CU 1 429. Instead, IFRS 16 can be applied to contracts identified as leases under IAS 17 and IFRIC 4 (IFRS 16.C3-C4). << Additionally, para 2 of IAS 17 prescribes that the standard must not be applied as the basis of measurement for leased investment properties or leased biological assets, because the measurement rules for such assets are contained in IAS 40 Investment Property and IAS 41 Agriculture respectively. It is prepared for illustrative IAS 17. Following the considerable resistance from the leasing industry in recent years, the IASB has decided to maintain the previous accounting method set out in IAS 17. 214 IAS 17 Omhandler Leasing Tilhørende IFRIC/SIC IFRIC 4, Vurdering af, om en aftale indeholder en leasingaftale SIC–15, Operationelle leasingkontrakter – incitamenter SIC–27, Vurdering af indholdet af transaktioner, som har juridisk form af en leasingkontrakt BemærkIASB udsendte i januar 2016 IFRS 16, Leasing, som erstatter IAS 17 og tilhøren- << /Rotate 0 endobj This is a new accounting standard superseding the old standard for leases, International Accounting Standards (IAS) 17. >> >> IN2 The International Accounting Standards Board developed this revised IAS 17 as part of its project on Improvements to International Accounting Standards. endstream /Type /Page /MediaBox [0 0 612 792] Objective. /I1 13 0 R /CropBox [0 0 612 792] 587 0 611 511 612 678 0 0 0 0 0 0 0 0 0 0 5 0 obj IFRS 17 Insurance Contracts together with its accompanying documents is issued by the International Accounting Standards Board (the Board). Modified retrospective application. IFRS 16 replaced IAS 17 for companies starting on 1 January 2019. The classification of leases adopted in this Standard is based on the extent to which risks and rewards incidental to ownership of a leased asset lie with the lessor or the lessee. /Font << It will then apply IFRS 16 to prepare comparative financial information to be included in its 2019 financial statements. IAS 17 shall be applied in accounting for leases other than the leases to explore for or use non‐regenerative resources such as oil, natural gas and so forth. /MediaBox [0 0 792 612] IAS 17 – Finance leased assets and liabilities are measured at the fair value of the leased property or, if lower the PV of the minimum lease payments. >> stream >> International Accounting Standard No 17 (IAS 17) Leases This revised standard replaces IAS 17 (revised 1997) Leases, and will apply for annual periods beginning on or … /Parent 4 0 R Download *Additional Material is restricted to those with NZ-assigned IP addresses only. /Color [20224 32768 65535] >> OBJECTIVE The objective of IAS 17 is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to leases. 2016-05-20T12:44:12+01:00 << endobj This document describes the Board’s considerations of the effects of IFRS 17… IAS 17 was the previous lease accounting standard governing all countries that report under International Financial Reporting Standards. 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