FRS 17.docx
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FRS 17.docx
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FRS17
Financial
ReportingStandard
FRS17
Leases
FRS17LeaseswasissuedbytheCCDGinJanuary2003andwasoperativeforfinancialstatementscoveringperiodsbeginningonorafter1January2000.
ThisStandardwasrevisedinJuly2004andsupersedesFRS17LeasesissuedinJanuary2003.ConsequentialamendmentsweremadeinSeptember2004.AnentityshallapplythisStandardforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.
Contents
paragraphs
INTRODUCTIONIN1-IN13
FinancialReportingStandard17
Leases
OBJECTIVE1
SCOPE2-3
DEFINITIONS4-6
CLASSIFICATIONOFLEASES7-19
LEASESINTHEFINANCIALSTATEMENTSOFLESSEES20-35
FinanceLeases20-32
InitialRecognition20-24
SubsequentMeasurement25-32
OperatingLeases33-35
LEASESINTHEFINANCIALSTATEMENTSOFLESSORS36-57
FinanceLeases36-48
InitialRecognition36-38
SubsequentMeasurement39-48
OperatingLeases49-57
SALEANDLEASEBACKTRANSACTIONS58-66
TRANSITIONALPROVISIONS67-68
EFFECTIVEDATE69
WITHDRAWALOFFRS17(issuedin2003)70
APPENDIX:
AmendmentstoOtherPronouncements
IMPLEMENTATIONGUIDANCE:
IllustrativeExamplesofSaleandLeasebackTransactionsthatResultinOperatingLeases
TABLEOFCONCORDANCE
FinancialReportingStandard17Leases(FRS17)issetoutinparagraphs1-70andtheAppendix.Alltheparagraphshaveequalauthority.FRS17shouldbereadinthecontextofitsobjective,thePrefacetoFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.FRS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsprovidesabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance.
Introduction
IN1.FinancialReportingStandard17Leases(FRS17)replacesFRS17Leases(issuedin2003)andshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.
ReasonsforRevisingFRS17
IN2.TheCouncilonCorporateDisclosureandGovernanceissuedthisrevisedFRS17aspartoftheimprovementstoFinancialReportingStandards.Theobjectivesoftheimprovementsweretoreduceoreliminatealternatives,redundanciesandconflictswithintheStandards,todealwithsomeconvergenceissuesandtomakeotherimprovements.
IN3.ForFRS17themainobjectivewasalimitedrevisiontoclarifytheclassificationofaleaseoflandandbuildingsandtoeliminateaccountingalternativesforinitialdirectcostsinthefinancialstatementsoflessors.
IN4.ThefundamentalapproachtotheaccountingforleasescontainedinFRS17wasnotconsideredandrelevantInterpretationswerenotincorporatedintoFRS17.
TheMainChanges
Scope
IN5.AlthoughFRS40InvestmentPropertyprescribesthemeasurementmodelsthatcanbeappliedtoinvestmentpropertiesheld,itrequiresthefinanceleaseaccountingmethodologysetoutinthisStandardtobeusedforinvestmentpropertiesheldunderleases.
Definitions
Initialdirectcosts
IN6.Initialdirectcostsareincrementalcoststhataredirectlyattributabletonegotiatingandarrangingalease.Thedefinitionoftheinterestrateimplicitintheleasehasbeenamendedtoclarifythatitisthediscountratethatresultsinthepresentvalueoftheminimumleasepaymentsandanyunguaranteedresidualvalueequallingthefairvalueoftheleasedassetplusinitialdirectcostsofthelessor.
Inceptionofthelease/Commencementoftheleaseterm
IN7.ThisStandarddistinguishesbetweentheinceptionofthelease(whenleasesareclassified)andthecommencementoftheleaseterm(whenrecognitiontakesplace).
Unearnedfinanceincome/Netinvestmentinthelease
IN8.ThedefinitionsofthesetermshavebeensimplifiedandarticulatedmoreexplicitlytocomplementthechangesrelatingtoinitialdirectcostsreferredtoinparagraphsIN10-IN12andthechangeinthedefinitionoftheinterestrateimplicitintheleasereferredtoinparagraphIN6.
ClassificationofLeases
IN9.Whenclassifyingaleaseoflandandbuildings,anentitynormallyconsidersthelandandbuildingselementsseparately.Theminimumleasepaymentsareallocatedbetweenthelandandbuildingselementsinproportiontotherelativefairvaluesoftheleaseholdinterestsinthelandandbuildingselementsofthelease.
InitialDirectCosts
IN10.Lessorsincludeintheinitialmeasurementoffinanceleasereceivablestheinitialdirectcostsincurredinnegotiatingalease.Thistreatmentdoesnotapplytomanufacturerordealerlessors.Manufacturerordealerlessorsrecognisecostsofthistypeasanexpensewhenthesellingprofitisrecognised.
IN11.Initialdirectcostsincurredbylessorsinnegotiatinganoperatingleaseareaddedtothecarryingamountoftheleasedassetandrecognisedovertheleasetermonthesamebasisastheleaseincome.
IN12.TheStandarddoesnotpermitinitialdirectcostsoflessorstobechargedasexpensesasincurred.
TransitionalProvisions
IN13.Asdiscussedinparagraph68oftheStandard,anentitythathaspreviouslyappliedFRS17(issuedin2003)isrequiredtoapplytheamendmentsmadebythisStandardretrospectivelyforallleases,orifFRS17(issuedin2003)wasnotappliedretrospectively,forallleasesenteredintosinceitfirstappliedthatStandard.
FINANCIALREPORTINGSTANDARDFRS17
Leases
Objective
1.TheobjectiveofthisStandardistoprescribe,forlesseesandlessors,theappropriateaccountingpoliciesanddisclosuretoapplyinrelationtoleases.
Scope
2.ThisStandardshallbeappliedinaccountingforallleasesotherthan:
(a)leasestoexplorefororuseminerals,oil,naturalgasandsimilarnon-regenerativeresources;and
(b)licensingagreementsforsuchitemsasmotionpicturefilms,videorecordings,plays,manuscripts,patentsandcopyrights.
However,thisStandardshallnotbeappliedasthebasisofmeasurementfor:
(a)propertyheldbylesseesthatisaccountedforasinvestmentproperty(seeFRS40InvestmentProperty);
(b)investmentpropertyprovidedbylessorsunderoperatingleases(seeFRS40);
(c)biologicalassetsheldbylesseesunderfinanceleases(seeFRS41Agriculture);or
(d)biologicalassetsprovidedbylessorsunderoperatingleases(seeFRS41).
3.ThisStandardappliestoagreementsthattransfertherighttouseassetseventhoughsubstantialservicesbythelessormaybecalledforinconnectionwiththeoperationormaintenanceofsuchassets.ThisStandarddoesnotapplytoagreementsthatarecontractsforservicesthatdonottransfertherighttouseassetsfromonecontractingpartytotheother.
Definitions
4.ThefollowingtermsareusedinthisStandardwiththemeaningsspecified:
Aleaseisanagreementwherebythelessorconveystothelesseeinreturnforapaymentorseriesofpaymentstherighttouseanassetforanagreedperiodoftime.
Afinanceleaseisaleasethattransferssubstantiallyalltherisksandrewardsincidentaltoownershipofanasset.Titlemayormaynoteventuallybetransferred.
Anoperatingleaseisaleaseotherthanafinancelease.
Anon-cancellableleaseisaleasethatiscancellableonly:
(a)upontheoccurrenceofsomeremotecontingency;
(b)withthepermissionofthelessor;
(c)ifthelesseeentersintoanewleaseforthesameoranequivalentassetwiththesamelessor;or
(d)uponpaymentbythelesseeofsuchanadditionalamountthat,atinceptionofthelease,continuationoftheleaseisreasonablycertain.
Theinceptionoftheleaseistheearlierofthedateoftheleaseagreementandthedateofcommitmentbythepartiestotheprincipalprovisionsofthelease.Asatthisdate:
(a)aleaseisclassifiedaseitheranoperatingorafinancelease;and
(b)inthecaseofafinancelease,theamountstoberecognisedatthecommencementoftheleasetermaredetermined.
Thecommencementoftheleasetermisthedatefromwhichthelesseeisentitledtoexerciseitsrighttousetheleasedasset.Itisthedateofinitialrecognitionofthelease(i.e.therecognitionoftheassets,liabilities,incomeorexpensesresultingfromthelease,asappropriate).
Theleasetermisthenon-cancellableperiodforwhichthelesseehascontractedtoleasetheassettogetherwithanyfurthertermsforwhichthelesseehastheoptiontocontinuetoleasetheasset,withorwithoutfurtherpayment,whenattheinceptionoftheleaseitisreasonablycertainthatthelesseewillexercisetheoption.
Minimumleasepaymentsarethepaymentsovertheleasetermthatthelesseeisorcanberequiredtomake,excludingcontingentrent,costsforservicesandtaxestobepaidbyandreimbursedtothelessor,togetherwith:
(a)foralessee,anyamountsguaranteedbythelesseeorbyapartyrelatedtothelessee;or
(b)foralessor,anyresidualvalueguaranteedtothelessorby:
(i)thelessee;
(ii)apartyrelatedtothelessee;or
(iii)athirdpartyunrelatedtothelessorthatisfinanciallycapableofdischargingtheobligationsundertheguarantee.
However,ifthelesseehasanoptiontopurchasetheassetatapricethatisexpectedtobesufficientlylowerthanfairvalueatthedatetheoptionbecomesexercisableforittobereasonablycertain,attheinceptionofthelease,thattheoptionwillbeexercised,theminimumleasepaymentscomprisetheminimumpaymentspayableovertheleasetermtotheexpecteddateofexerciseofthispurchaseoptionandthepaymentrequiredtoexerciseit.
Fairvalueistheamountforwhichanassetcouldbeexchanged,oraliabilitysettled,betweenknowledgeable,willingpartiesinanarm’slengthtransaction.
Economiclifeiseither:
(a)theperiodoverwhichanassetisexpectedtobeeconomicallyusablebyoneormoreusers;or
(b)thenumberofproductionors
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- 关 键 词:
- FRS 17