Leasing Contracts in IAS 17

January 2017 | 4 pages | ID: L692EF46EF9EN
Sadia Saeed

Abstracts

The rules and standards for a leasing contract are different in IFRS and US GAAP. The rules and standards about leasing contract are clearly mentioned in the IAS 17. IAS 17 provides complete guidelines for regulation structure of leasing contract. The IAS 17 was issues in December 2003 and all corporations started to follow it after 2005. This rule will be modified in IFRS 16 after 2019. In the assignment the summaries of 2 articles are described about different accounting treatment and difference in US GAAP and IFRS about leasing contract. Cont... (750 w0rds of this report)

Contents

Introduction
Main Types of Leasing Contracts in IAS
Operating Leases
Finance Leases
Different Criteria for Different Types of leasing
Operating leases
Accounting Treatment for Leaser
Accounting Treatment for Lessee
Finance leases
Accounting Treatment for Leaser
Accounting Treatment for Lessee
Main Difference among Accounting for Leasing in IAS 17 and US GAAP
Sales-Type Leases
Leases of Land and Buildings
Present Value of Minimum Lease Payments
Leveraged Leases
Recognition of a Gain or Loss on a Sale-and-Leaseback Transaction
Sale-and-Leaseback Transactions Involving Real Estate
Conclusion
References