Username:
Password:
Forgot Password?

AASB 117 - Leases

Print this Article Print this Article
Email this Article

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

 
Developments 
    IASB Developments 
    There is a long term lease accounting project that is expected to result in a fundamental change in accounting for leases. This project will cover leases of real estate as well as equipment leases, with the primary objective being to develop a new model for the recognition of assets and liabilities arising under lease contracts.  
     
    At the July 2008 IASB meeting, the Board decided to focus on lessee accounting with the overall approach to apply the existing finance lease accounting (ie recognition of an asset and liability at the inception of the lease) to all leases. A discussion paper is expected to be issued jointly by the IASB and FASB in the fourth quarter of 2008.
Key Differences 
There are no key differences available for this standard. 
 
History
  • July 2004: AASB 117 was issued. 
     
  • September 2005: AASB 2005-10 amends paragraphs 31, 35, 47 and 56, and applies from 1 January 2007, with early adoption permitted from 1 January 2005.
    •  
     
  • February 2007: AASB 2007-2 amends paragraphs 10, 33 and 50 and applies to reporting periods ending on or after 28 February 2007, with early adoption permitted from 1 January 2005.
    •  
     
  • April 2007: AASB 2007-4 amends paragraphs 13 and 41 and applies from 1 July 2007, with early adoption permitted from 1 January 2005.
Compiled Standards 
A list of the omnibus amending standards that have affected this standard since its release are included here as is the date when the relevant changes become operative.  
 
Omnibus amending standards are available on the AASB website as are compiled standards incorporating omnibus amendments as soon as they are completed by the AASB. Details of the changes made by each omnibus are summarised in ANT and Charter’s "The Panel" as they are released. For a quick overview of the new material applying at 30 June 2008 click here.