IAS 17 - Revision history

imported>Doug Williamson: Reorder and update due to replacement.

2020-10-22T10:17:56Z

Reorder and update due to replacement.

← Older revision		Revision as of 10:17, 22 October 2020
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	International Accounting Standard 17, dealing with leases.		International Accounting Standard 17, dealing with leases.

	~~IAS 17 requires finance lease liabilities to be accounted for 'on balance sheet'.~~

	~~It also requires the appropriate allocation of the total lease instalments between finance charges and reduction of the outstanding lease liability~~.		''IAS 17 has been replaced by IFRS 16.''

			''IFRS 16 is mandatory - for companies reporting under international financial reporting standards - from 1 January 2019.''

	~~Under IAS 17 the total finance charge should be spread in such a way as to produce a constant periodic rate of interest on the remaining balance of the liability.~~

	~~However,~~ IAS 17 ~~also allows for some form of approximation~~ to be ~~used to simplify the calculation~~.		IAS 17 required finance lease liabilities to be accounted for 'on balance sheet'.

			It also required the appropriate allocation of the total lease instalments between finance charges and reduction of the outstanding lease liability.

	~~Fully accurate calculation bases for spreading the total finance charge include the Actuarial method.~~

	~~The Sum of~~ the ~~digits method is simpler~~ to ~~apply, and will normally~~ produce a ~~close approximation~~.		Under IAS 17 the total finance charge was spread in such a way as to produce a constant periodic rate of interest on the remaining balance of the liability.

			However, IAS 17 also allowed for some form of approximation to be used to simplify the calculation.

	~~'''Replacement'''~~

	~~IFRS 16 replaces IAS 17~~.		Fully accurate calculation bases for spreading the total finance charge included the Actuarial method.

	~~IFRS 16~~ is ~~mandatory - for companies reporting under international financial reporting standards - from 1 January 2019~~.		The Sum of the digits method is simpler to apply, and will normally produce a close approximation.

imported>Doug Williamson: Amend wording to past tense.

2019-07-03T09:28:40Z

Amend wording to past tense.

← Older revision		Revision as of 09:28, 3 July 2019
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	'''~~Future developments~~'''		'''Replacement'''

	IFRS 16 ~~will replace~~ IAS 17.		IFRS 16 replaces IAS 17.

	IFRS 16 is mandatory - for companies reporting under international financial reporting standards - from 1 January 2019.		IFRS 16 is mandatory - for companies reporting under international financial reporting standards - from 1 January 2019.

imported>Doug Williamson: Categorise.

2018-02-15T12:30:26Z

Categorise.

← Older revision		Revision as of 12:30, 15 February 2018
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	* [[Operating lease]]		* [[Operating lease]]
	* [[Sum of the digits]]		* [[Sum of the digits]]

			[[Category:Accounting,_tax_and_regulation]]
			[[Category:Compliance_and_audit]]

imported>Doug Williamson: Re-order links.

2018-02-03T21:08:46Z

Re-order links.

← Older revision		Revision as of 21:08, 3 February 2018
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	* [[FRS 102]]		* [[FRS 102]]
	* [[IFRIC 4]]		* [[IFRIC 4]]
			* [[IFRS 16]]
	* [[International Financial Reporting Standards]]		* [[International Financial Reporting Standards]]
	* [[Off balance sheet finance]]		* [[Off balance sheet finance]]
	* [[Operating lease]]		* [[Operating lease]]
	* [[Sum of the digits]]		* [[Sum of the digits]]
	* [[IFRS 16]]

imported>Doug Williamson: Update for IFRS 16.

2018-02-03T21:08:10Z

Update for IFRS 16.

← Older revision		Revision as of 21:08, 3 February 2018
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	'''Future developments'''		'''Future developments'''

	~~Differences in accounting standards can lead to significant non-comparability~~.		IFRS 16 will replace IAS 17.

	~~A joint [[IASB]]-[[FASB]] project to improve and align accounting for leases led to the issue of [[~~IFRS 16~~]] in early 2016, with~~ mandatory ~~effect~~ from 2019.		IFRS 16 is mandatory - for companies reporting under international financial reporting standards - from 1 January 2019.

imported>Doug Williamson: Remove SSAP 21. Add FRS 102.

2017-09-13T11:38:57Z

Remove SSAP 21. Add FRS 102.

← Older revision		Revision as of 11:38, 13 September 2017
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	* [[Finance charge]]		* [[Finance charge]]
	* [[Finance lease]]		* [[Finance lease]]
			* [[FRS 102]]
	* [[IFRIC 4]]		* [[IFRIC 4]]
	* [[International Financial Reporting Standards]]		* [[International Financial Reporting Standards]]
	* [[Off balance sheet finance]]		* [[Off balance sheet finance]]
	* [[Operating lease]]		* [[Operating lease]]
	* [[SSAP 21]]
	* [[Sum of the digits]]		* [[Sum of the digits]]
	* [[IFRS 16]]		* [[IFRS 16]]

imported>Doug Williamson: Removed unavailable category

2016-08-31T13:34:46Z

Removed unavailable category

← Older revision		Revision as of 13:34, 31 August 2016
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	* [[Sum of the digits]]		* [[Sum of the digits]]
	* [[IFRS 16]]		* [[IFRS 16]]

	~~[[Category:Accounting_and_Reporting]]~~

imported>Doug Williamson: updated link

2016-08-18T10:26:40Z

updated link

← Older revision		Revision as of 10:26, 18 August 2016
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	* [[IFRIC 4]]		* [[IFRIC 4]]
	* [[International Financial Reporting Standards]]		* [[International Financial Reporting Standards]]
	* [[Off-balance sheet finance]]		* [[Off balance sheet finance]]
	* [[Operating lease]]		* [[Operating lease]]
	* [[SSAP 21]]		* [[SSAP 21]]

imported>Doug Williamson: Link with IFRIC 4 page.

2016-03-05T16:52:55Z

Link with IFRIC 4 page.

← Older revision		Revision as of 16:52, 5 March 2016
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	* [[Finance charge]]		* [[Finance charge]]
	* [[Finance lease]]		* [[Finance lease]]
			* [[IFRIC 4]]
	* [[International Financial Reporting Standards]]		* [[International Financial Reporting Standards]]
	* [[Off-balance sheet finance]]		* [[Off-balance sheet finance]]

imported>Doug Williamson: Link with IASB and FASB pages.

2016-01-14T09:46:40Z

Link with IASB and FASB pages.

← Older revision		Revision as of 09:46, 14 January 2016
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	Differences in accounting standards can lead to significant non-comparability.		Differences in accounting standards can lead to significant non-comparability.

	A joint IASB-FASB project to improve and align accounting for leases led to the issue of [[IFRS 16]] in early 2016, with mandatory effect from 2019.		A joint [[IASB]]-[[FASB]] project to improve and align accounting for leases led to the issue of [[IFRS 16]] in early 2016, with mandatory effect from 2019.