Accounting for arrangements - Part 2

Item

Title
Accounting for arrangements - Part 2
Description
SIC 27 (AC 427) and IFRIC 4 (AC 437) question two specific assertions with regard to lease transactions made by the management of an entity in preparing its financial statements, namely existence, occurrence and completeness. SIC 27 (AC 427) poses the question whether all transactions that have been accounted for in terms of IAS 17 (AC 105) are actually, in substance, lease transactions (existence or occurrence of lease transactions). SIC 27 (AC 427), therefore, requires the preparers of financial statements to consider arrangements where legal leases form part of a structured transaction to determine whether these arrangements, or part thereof, should be accounted for in terms of IAS 17 (AC 105). IFRIC 4 (AC 437), which was considered in the first article of this two-part series, poses the question whether all transactions, which are legally not leases, but are in substance leases, are accounted for in terms of IAS 17 (AC 105).
Creator
Venter, Elmar Retief
Tomes, Tania
Subject
International Accounting Standards Committee Statements
IAS 17
International accounting standards
Leasebacks
Financial statements
Financing leases
Operating leases
Accounting
Publisher
South African Institute of Chartered Accountants
Date
2008-05-19T07:02:19Z
2008-05-19T07:02:19Z
2006-08
Type
Article
Format
689219 bytes
application/pdf
application/pdf
Identifier
Venter, E & Tomes, T 2006, 'Accounting for arrangements - Part 2', Accountancy SA, pp. 22-26. [http://www.accountancysa.org.za/]
0258-7254
http://hdl.handle.net/2263/5324
Language
en
Rights
South African Institute of Chartered Accountants
Item sets
Accounting