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Educational Material on Ind AS 17 Leases

Educational Material on Ind AS 17 Leases

Ind AS 17 Leases : Ind AS 17 Leases prescribes the accounting policies and disclosures applicable to leases, both for lessees and lessors. Leases are required to be classified as either finance leases (which transfer substantially all the risks and rewards of ownership, and give rise to asset and liability recognition by the lessee and a receivable by the lessor) and operating leases (which result in expense recognition by the lessee, with the asset remaining recognised by the lessor). Ind AS 17 was reissued in December 2003 and applies to annual periods beginning on or after 1 January 2005. Ind AS 17 will be superseded by IFRS 16 Leases as of 1 January 2019.

History of IAS 17

October 1980Exposure Draft E19 Accounting for Leases
September 1982Ind AS 17 Accounting for Leases
1 January 1984Effective date of Ind AS 17 (1982)
1994Ind AS 17 (1982) was reformatted
April 1997Exposure Draft E56, Leases
December 1997Ind AS 17 Leases
1 January 1999Effective date of Ind AS 17 (1997) Leases
18 December 2003Revised version of Ind AS 17 issued by the Ind AS
1 January 2005Effective date of Ind AS 17 (Revised 2003)
16 April 2009IAS 17 amended for Annual Improvements to IFRSs 2009 about classification of land leases
1 January 2010Effective date of the April 2009 revisions to Ind AS 17, with early application permitted (with disclosure)
1 January 2019Ind AS 17 will be superseded by IFRS 16 Leases

Educational Material on Ind AS 17 Leases

Ind AS 17 Leases : Leases is an important project that the International Accounting Standards Board (IASB) is undertaking jointly with the US Financial Accounting Standards Board (FASB). The IASB and the FASB (the boards) are working together to improve the accounting for leases. To meet this objective, the boards think that a customer leasing assets should recognise assets and liabilities arising from those leases (including leases that are off balance sheet today).

Meaning and Definition of Leases

Meaning : A lease is a contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the lessee, the tenant, use of an asset and guarantees the lessor, the property owner or landlord, regular payments from the lessee for a specified number of months or years. Both the lessee and the lessor face consequences if they fail to uphold the terms of the contract.

Definition of lease

  1. 1:  a contract by which one conveys real estate, equipment, or facilities for a specified term and for a specified rent; also:  the act of such conveyance or the term for which it is made

  2. 2:  a piece of land or property that is leased

  3. 3:  a continuance or opportunity for continuance <a new lease on life>

Types of Leases

  • Capital Lease
  • Operating Lease
  • Stretch Lease
  • Skip Payment Lease
  • Step Payment Lease
  • Master Lease
  • Sale and Leaseback
  • Lease Line of Credit
  • Leasehold Improvements

Objective of IAS 17

The objective of IAS 17 (1997) is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosures to apply in relation to finance and operating leases.

Scope

Ind AS 17 applies to all leases other than lease agreements for minerals, oil, natural gas, and similar regenerative resources and licensing agreements for films, videos, plays, manuscripts, patents, copyrights, and similar items. [Ind AS 17.2]

Relevant link to download the Educational Material:

Educational Material on Ind AS 17 Leases 

Ind AS Related all Posts :

Educational Material on Ind AS 17 Leases

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