for
LEASES
9 July 2008
Table of Contents
A. Purpose……………………………………………………………………………..2
B. explanation of a Lease……………………………………………………………….2
C. Classification of Leases……………………………………………………………2
D. Accounting for Leases……………………………………………………………..4
E. revealing Requirements in the Financial Statements of a Lessee……………...5
F. adjunctes………………………………………………………………………….6
Appendix I description of terms used in IPSAS 13………………...6
Appendix IIFlowchart Classification of a Lease………………...8
Appendix tercetAccounting Treatment of a Finance Lease…………..9
Appendix IIIaLease Determination & Calculation Worksheet…....12
Appendix IVAccounting Treatment of an Operating Lease……...13
Appendix V pretence Disclosures………………………………….....13
Appendix VIAgencys Equipment Leased or Rented in 2007…….15
Appendix VIIIPSAS 13 vs. IPSAS 23………………………………..15
A. PURPOSE
1.
The think of this paper is to provide the general framework for
determining whether the conduct arrangements entered by the Agency constitute
finance or operating leases. In addition, the paper contains the accounting treatment for both types of leases and the disclosure requirements in the Statements of Financial Performance and Financial Position.
2.Currently, the Agency is only a party to operating leases and not to any finance leases. In addition, it is expected that the Agency will be leasing assets (lessee) in modulate to use them to provide goods and services rather than earning revenue from leasing come in assets (lessor). Therefore, the accounting procedures and disclosure requirements contained in this paper reflect those of a lessee only.
B. DEFINITION OF A LEASE
3.A lease is an organization whereby the lessor conveys to the lessee in
return for a payment or series of payments the skilful to use an asset for an agreed
period of time.
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