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IAS 17 Leases Overview. IAS 17 full text prescribe, for lessees and lessors, the appropriate accounting policies and IAS 17 disclosures to apply in relation to finance and operating leases.
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.
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.
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, Leases takes the concept of substance over form and applies it to the specific accounting area of leases. When applying this concept, it is often deemed necessary to account for the substance of a transaction – ie its commercial reality, rather than its strict legal form.
International Accounting Standard 17 Leases. Objective. 1. The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to leases. Scope. 2. 3. This Standard shall be applied in accounting for all leases other than:
Find an ASC 840 / IAS 17 Operating Lease Example at EZLease. Use our free templates to better understand lease accounting.
