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Lease Accounting - IAS 17


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MOHIT KUMAR JAIN (CFO)     13 September 2015

MOHIT KUMAR JAIN
CFO 
 1 likes  68 points

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In the above "Arrangement conveys a right to use the Asset", there is an embedded lease in the arrangement. 

The embedded lease could be seen if the following two conditions are met:

Condition 1 - •Is the arrangement dependent on use of particular asset i.e rigs in the instant case? Answer is YES.

Condition  2 - Does the arrangement provide right to use/ control use of asset of X Company? Answer again is YES. 

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MOHIT KUMAR JAIN (CFO)     13 September 2015

MOHIT KUMAR JAIN
CFO 
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Can anyone share an example to explain the term "minimum lease payments" under:

1. Cancellable lease

2. Non-cancellable lease

Thanks in advance.

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MOHIT KUMAR JAIN (CFO)     13 September 2015

MOHIT KUMAR JAIN
CFO 
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Will it be correct to understand that operating leases can be both cancellable and non-cancellable, while the finance lease can only be non-cancellable?


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