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  • Chart On IFRIC 4

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    shahrajeev5
    159 vizualizări4 pagini
    IFRIC 4 - DETERMINING whether an arrangement IS, or CONTAINS, a lease Determining whether an arrangement is, or contains, a lease. Fulfillment of the arrangement depends on the use of specific asset arrangement conveys right to use the asset. Explicit Supplier exclusively uses specific asset and he fulfills his obligation using this asset. He cannot do the same using alternate asset.

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    Chart on IFRIC 4

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    IFRIC 4 - DETERMINING whether an arrangement IS, or CONTAINS, a lease Determining whether an arrangement is, or contains, a lease. Fulfillment of the arrangement depends on the use of specific asset arrangement conveys right to use the asset. Explicit Supplier exclusively uses specific asset and he fulfills his obligation using this asset. He cannot do the same using alternate asset.

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    159 vizualizări4 pagini

    Chart On IFRIC 4

    Încărcat de

    shahrajeev5
    IFRIC 4 - DETERMINING whether an arrangement IS, or CONTAINS, a lease Determining whether an arrangement is, or contains, a lease. Fulfillment of the arrangement depends on the use of specific asset arrangement conveys right to use the asset. Explicit Supplier exclusively uses specific asset and he fulfills his obligation using this asset. He cannot do the same using alternate asset.

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    din 4

    IFRIC 4 – DETERMINING WHETHER AN ARRANGEMENT IS LEASE

    Determining whether an arrangement is, or


    contains, a lease

    Fulfillment of the arrangement depends on the Arrangement conveys right to use the asset
    use of specific asset &

    Right to control the use


    of the asset – fulfill any
    Implicit Explicit one of the following 3
    The supplier has only one Supplier exclusively uses options
    asset and he fulfills his specific asset to fulfill
    obligation using this asset. the obligation
    He cannot do the same
    using alternate asset.

    Rare possibilities that


    other parties will
    Purchaser has physical significant portion of the
    access to the asset while output or utility during
    obtaining significant the arrangement &….
    portion of the output
    Purchaser has the ability
    or right –
    To operate the asset or
    direct others
    To obtain or control …price per unit is –
    significant portion of Not contractually fixed
    output or utility or
    Equal to market price
    Priyadarshini Aralikatti at the time of delivery.
    (trishna.priya@gmail.com)
    ASSESSING OR REASSESSING WHETHER AN ARRANGEMENT IS, OR CONTAINS, A LEASE
    Assessment Reassessment

    Earlier of:
    To be done when Change in estimate – no
    either of the reassessment
    Commitment conditions is met:
    by the parties
    Date of
    to the terms
    arrangement
    of
    arrangement
    Change in Renewed or
    Substantial
    terms of extended
    Change in change in
    whether
    contractual the asset
    fulfillment is
    terms
    dependent on
    specific asset

    Reassessed as lease / not a lease here after: Begin / cease lease accounting from

    When change in Inception of renewal or


    circumstances occur. extension period

    Priyadarshini Aralikatti
    (trishna.priya@gmail.com)
    LEASE PAYMENTS:

    Separable Inseparable

    (On the basis of fair value or estimation)

    Lease portion Other portion, Eg.


    Finance Lease Operating Lease
    Cost of input,
    services, etc.

    Finance Operating Not covered under Asset & Liability at Recognize as lease
    Lease Lease IAS 17. fair value of payments
    underlying asset
    Account as per
    other applicable
    IAS

    Account as per IAS 17 Subsequently reduce Disclose separately.


    payments from
    liability. State that, payments
    include charges
    Recognize imputed towards non-lease
    finance charge at elements also.
    purchaser’s
    incremental
    borrowing rate.

    Priyadarshini Aralikatti
    (trishna.priya@gmail.com)
    Other points:

    1. Effective date Jan 2008, if IFRIC 12(Service concession arrangements) is applied or else Jan 2006.
    2. If this interpretation is applied from start of the period for which comparative data is presented, then IAS 8 (Change in
    accounting policy) need not be complied with.

    Priyadarshini Aralikatti
    (trishna.priya@gmail.com)

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