TAILIEUCHUNG - Indian Accounting Standard (Ind AS) 17 Leases

Throughout this publication we have made reference to IFRS 4, the Implementation Guidance and Basis for Conclusions accompanying the Standard, as well as other current statements of IFRS. Direct quotations from IFRSs are included in dark blue within the text. A column noted as Reference is included in the left margin of Sections 1 through 15 to enable users to identify the relevant paragraphs of IFRS 4, the Interpretation Guidance and Basis for Conclusions as well as references to other applicable Standards. Reference to IFRSs made throughout the text are identified in an appendix to the publication. Examples are included throughout the text to elaborate or clarify the more complex principles. | Indian Accounting Standard Ind AS 17 Leases Contents Paragraphs OBJECTIVE 1 SCOPE 2-3 DEFINITIONS 4-6 CLASSIFICATION OF LEASES 7-19 LEASES IN THE FINANCIAL STATEMENTS OF LESSEES 20-35 Finance leases 20-32 Initial recognition 20-24 Subsequent measurement 25-30 Disclosures 31-32 Operating leases 33-35 Disclosures 35 LEASES IN THE FINANCIAL STATEMENTS OF LESSORS 36-57 Finance leases 36-48 Initial recognition 36-38 Subsequent measurement 39-46 Disclosures 47-48 Operating leases 49-57 Disclosures 56-57 SALE AND LEASEBACK TRANSACTIONS 58-66 APPENDICES A Operating leases-Incentives B Evaluating the Substance of Transactions Involving the Legal Form of a Lease C Determining whether an Arrangement contains a Lease D References to matters contained in other Indian Accounting Standards E IMPLEMENTATION GUIDANCE llustrative examples of sale and leaseback transactions that result in operating leases 1. Comparison with IAS 17 Leases 1 2 Indian Accounting Standard Ind AS 17 Leases This Indian Accounting Standard includes paragraphs set in bold type and plain type which have equal authority. Paragraphs in bold type indicate the main principles. 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 This Standard shall be applied in accounting for all leases other than a leases to explore for or use minerals oil natural gas and similar non-regenerative resources and b licensing agreements for such items as motion picture films video recordings plays manuscripts patents and copyrights. However this Standard shall not be applied as the basis of measurement for a property held by lessees that is accounted for as investment property see Ind AS 40 Investment Property b investment property provided by lessors under operating leases see Ind AS 40 Investment Property c biological assets held by lessees under finance leases see Ind AS 41 Agriculture1 or d biological assets

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