Ias17

EC staff consolidated version as of 24 March 2010, FOR INFORMATION PURPOSES ONLY EN EU IAS 17 International invoice ideal 17 Leases Objective 1 The objective of this Standard is to prescribe, for lessees and lessors, the portion accounting policies and disclosure to devote in relation to consumes. Scope 2 This Standard sh in wholly be applied in accounting for solely accepts other than: (a) (b) leases to explore for or use minerals, oil, natural bollocks up and similar non-regenerative resources; and licensing parallelisms for such items as motion picture films, pictorial matter recordings, plays, manuscripts, patents and copyright wings. However, this Standard shall non be applied as the grounding of measurement for: (a) (b) (c) (d) 3 retention held by lessees that is accounted for as investiture property (see IAS 40 Investment Property); investment property provided by lessors nether direct leases (see IAS 40); biological assets held by lessees t o a lower place finance leases (see IAS 41 Agriculture); or biological assets provided by lessors under operating leases (see IAS 41). This Standard applies to agreements that transfer the right to use assets flush though substantial services by the lessor may be called for in connection with the operation or maintenance of such assets.

This Standard does not apply to agreements that are contracts for services that do not transfer the right to use assets from one spotting caller to the other. Definitions 4 The following terms are apply in this Standard with the meanings specified: A lease is an agreement whereby th e lessor conveys to the lessee in return for! a payment or series of payments the right to use an asset for an agreed period of time. A finance lease is a lease that transfers substantially all the risks and rewards nonessential to ownership of an asset. Title may or may not eventually be transferred. An operating lease is a lease other than a finance lease. A non-cancellable lease is a lease that is cancellable only: (a) (b) (c) upon...If you want to get a plenteous essay, order it on our website: OrderCustomPaper.com

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