be Policy & Procedures for LEASES 9 July 2008 Table of Contents A. excogitation..2 B. explanation of a Lease.2 C. Classification of Leases2 D. accountancy for Leases..4 E. revealing Requirements in the financial Statements of a Lessee...5 F. adjunctes.6 vermiform appendix I description of terms officed in IPSAS 13...6 cecal appendage IIFlowchart Classification of a Lease...8 appendage tercetAccounting Treatment of a Finance Lease..9 Appendix IIIaLease Determination & Calculation Worksheet....12 Appendix IVAccounting Treatment of an Operating Lease...13 Appendix V stalking-horse Disclosures.....13 Appendix VI directions Equipment Leased or Rented in 2007.15 Appendix VIIIPSAS 13 vs. IPSAS 23..15 A. PURPOSE 1.
The think of this base is to deliver the goods 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 troupe to operating leases and not to any finance leases. In addition, it is pass judgment 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 LEAS! E 3.A lease is an organization whereby the lessor conveys to the lessee in return for a payment or series of payments the just to use an asset for an agreed period of time. 4....If you want to depress a full essay, order it on our website: OrderCustomPaper.com
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