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AASB 117 - Leases

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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
AASB 117 compared to IAS 17 
 
Additions 
Aus 1.1  
Which entities AASB 117 applies to, ie. reporting entities and general purpose financial reports.  
 
Aus 1.2  
The application date of AASB 117, ie. annual reporting periods beginning 1 January 2005.  
 
Aus 1.3  
Prohibits early application of AASB 117.  
 
Aus 1.4  
Makes the requirements of AASB 117 subject to AASB 1031 Materiality.  
 
Aus 1.5  
Explains which Australian Standards have been superseded by AASB 117.  
 
Aus 1.6  
Clarifies that the superseded Australian Standards remain in force until AASB 117 applies.  
 
Aus 1.7  
Notice of the new Standard published on 22 July 2004.  
 
Deletions 
67  
Transitional provision for entities applying IAS 17 for the first time encourages retrospective application.  
 
68  
Transitional provision for entities that applied the previous version of IAS 17.  
 
69  
Effective date of IAS 17.  
 
70  
Reference to superseded IAS 17.