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Lease Accounting - IAS 17


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Narayanan Balakrishnan (Chartered Accountant)     12 August 2009

Narayanan Balakrishnan
Chartered Accountant 
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Superb work yaar. Just to add to your notes - contingent rentals which have derivative characteristics may qualify as embedded derivatives as per  IAS 39 in which case they will have to be seperately recognised and fair valued.

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CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. )     12 August 2009

CA. Amit Daga
Finance Controller CA. CS. CFA. CIFRS. M.COM.  
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Thanks yar

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C.A Rohit Gambhir (C.A)     12 August 2009

C.A Rohit Gambhir
C.A 
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Hi Narayanan,

Could you pls clarify with the help of a practical example??

 

 

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CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. )     12 August 2009

CA. Amit Daga
Finance Controller CA. CS. CFA. CIFRS. M.COM.  
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how a rent can have a derivative character. Please can you explain ?

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Narayanan Balakrishnan (Chartered Accountant)     12 August 2009

Narayanan Balakrishnan
Chartered Accountant 
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Part of rentals may be based on certain index. In such cases, the contingent rentals have the charecteristics of derivatives. If these derivatives are closely related to the lease contract (host contract), then the embedded derivative is not required to be seperately recognised. For instance rentals based on inflation index are closely related to lease contract. These are not required to be recognised. But in case of certain leases, part of rentals may be based on equity index or certain other underlying factors like interest rates. In such cases, the embedded derivatives will have to be seperately recognised.

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C.A Rohit Gambhir (C.A)     13 August 2009

C.A Rohit Gambhir
C.A 
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Do you have any work sheet for implementing IFRS in Fixed Asset Module?

 

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CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. )     13 August 2009

CA. Amit Daga
Finance Controller CA. CS. CFA. CIFRS. M.COM.  
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plz send it

varghese.sariga@gmail.com (PROPORATOR)     25 August 2011

varghese.sariga@gmail.com
PROPORATOR 
 29 points

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I AM LEASING COSTRUCTION EQUPMENT IN KERALA , I COLLECT 4 % VAT UNDER SEC 6(c) 

I HAVE CLAIMED INPUT ON NEW PURCHASE AND PURCHASE MADE FOR MAITAINANCE,

WILL I GET TAX INPUT 

IS THERE ANY CLAUSE 

 I THING I AM DOING OPERATIONAL LEASE

 

pLEASE PROVIDE INFORMATION

CA Sachin Rastogi (Audit/IFRS Manager)     29 August 2011

CA Sachin Rastogi
Audit/IFRS Manager 
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Amit your presentation on IAS 17 is really very good. Would appreciate if you can upload the pdf / downloadable file for the same.
 

ANIL CHAUHAN (FINANCE & ACCOUNTS OFFICER)     24 August 2015

ANIL CHAUHAN
FINANCE & ACCOUNTS OFFICER 
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Sir

Iam not very clear about the following

"The purchaser in the arrangement has the ability or right to operate the asset or direct others to operate the asset."

We are using some Drilling RIGS for example from Company-X (It is under service contract till now.)

Purchaser/We do not have ability to operate the asset it is to be operated by Company X only.

We direct Company X to operate the Rig. We can not direct any other party to operate it. it has to be operated by Company X only.

Is it covered under codition A of "Arrangement conveys a right to use the Asset"?

 

Thanks & Regards

Anil


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