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This publication is designed to give preparers of IFRS financial statements a high-level awareness of recent changes to Philippine Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.
IAS 17 classifies leases into two types: an operating lease if the lease does not transfer substantially all the risks and rewards incidental to ownership. IAS 17 prescribes lessee and lessor accounting policies for the two types of leases, as well as disclosures.
IAS 17 Leases The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to leases.
IAS 17 sets out the required accounting treatments and disclosures for finance and operating leases by both lessors and lessees, except where IAS 40 is applied to investment property held by a lessee. A finance lease – a lease that transfers substantially all the risks and reward of ownership.
2 sty 2012 · This chapter discusses the International Accounting Standard 17 (IAS 17), which prescribes the accounting treatment for leases in the financial statements of lessees and lessors. IAS 17 shall be applied in accounting for leases other than the leases to explore for or use non-regenerative resources such as oil, natural gas and so forth.
The Manual of accounting – IFRS series is our collected insights on the application of International Financial Reporting Standards, the financial reporting language of the global capital markets.
IAS 17 will be superseded by IFRS 16 Leases as of 1 January 2019. 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.
