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Lecture IFRS primer international GAAP basics: Chapter 24 - Wiecek, Young

Chapter 24 - Leases: IAS 17. The main contents of the chapter consist of mains parts: Related standards, IAS 17, current GAAP comparisons, ifrs financial statement disclosures, looking ahead, end-of-chapter practice. | Wiecek and Young IFRS Primer Chapter 24 Leases: IAS 17 Leases Related standards IAS 17 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice Related Standards FAS 13 Accounting for leases Related Standards IAS 16 Property, plant and equipment IAS 36 Impairment of assets IAS 38 Intangible assets IAS 40 Investment property IAS 41 Agriculture IAS 17 – Overview Objective and scope Classification of leases Recognition and measurement by the lessee Recognition and measurement by the lessor Sale and leaseback transactions IAS 17 – Objective and Scope Accounting and disclosure policies lessees lessors Excludes leases for exploration and use of non-renewable natural resources licensing agreements for many intangible assets (movies, video recordings, plays, manuscripts, etc.) IAS 17 – Classification of Leases A lease is an agreement in which a lessor conveys the right to use an asset for an agreed time to a lessee in return for payment(s). Lease classification finance lease operating lease Decision whether risks and rewards of ownership are transferred from lessor to lessee IAS 17 – Classification of Leases Risk and rewards incidental to ownership transferred = finance lease Risks and rewards not transferred = operating lease Use judgment to evaluate individual circumstances and conditions IAS 17 – Classification of Leases Classification as a finance lease supported by ownership transferred by end of lease term – could be by bargain purchase option lessee receives most of economic benefit of asset (consider lease term) lessor obtains a return of investment in asset and a return on investment (consider PV of lease payments relative to asset’s fair value) asset is specialized to lessee’s needs, costly to modify for other use IAS 17 – Classification of Leases Might lead to classification as a finance lease lessee bears lessor’s losses from lease cancellation changes in asset’s fair value | Wiecek and Young IFRS Primer Chapter 24 Leases: IAS 17 Leases Related standards IAS 17 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice Related Standards FAS 13 Accounting for leases Related Standards IAS 16 Property, plant and equipment IAS 36 Impairment of assets IAS 38 Intangible assets IAS 40 Investment property IAS 41 Agriculture IAS 17 – Overview Objective and scope Classification of leases Recognition and measurement by the lessee Recognition and measurement by the lessor Sale and leaseback transactions IAS 17 – Objective and Scope Accounting and disclosure policies lessees lessors Excludes leases for exploration and use of non-renewable natural resources licensing agreements for many intangible assets (movies, video recordings, plays, manuscripts, etc.) IAS 17 – Classification of Leases A lease is an agreement in which a lessor conveys the right to use an asset for an agreed time to a lessee in .