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• Interpretation 4 
  Determining whether an Arrangement contains a Lease 
   
  Operative date: 1 January 2008  
  Issue date: February 2007 
   
  Determining whether an arrangement contains a lease is based on the substance of the arrangement and requires assessment of whether:
  • the arrangement depends on the use of a specific asset or assets; and
   
  
  • the arrangement conveys a right to use the asset.
   
  Related AASB Standards: AASB 108, AASB 116, AASB 117, AASB 138
 
 

• Interpretation 12 
  Service Concession Arrangements 
   
  Operative date: 1 January 2009  
  Issue date: June 2007 
   
  In a public-to-private service concession arrangement, the operator is required to:
  • Recognise and measure revenue received under the contract in accordance with AASB 118 Revenue and AASB 111 Construction Contracts.
   
  
  • Allocate the consideration received to the different elements (eg construction and maintenance) of the contract, based on each identifiable element’s fair value.
   
  
  • Recognise either:
  • a financial asset, to the extent that the operator has an unconditional right to receive cash or another financial asset; or
   
  
  • an intangible asset, to the extent that the operator receives a right to charge users of the public service.
   
  Related AASB Standards: AASB 1, AASB 7, AASB 108, AASB 111, AASB 116, AASB 117, AASB 118, AASB 120, AASB 123, AASB 132, AASB 136, AASB 137, AASB 138, AASB 139
 
 

• Interpretation 115 
  Operating Leases – Incentives 
   
  Operative date: 1 January 2005  
  Issue date: July 2004 
   
  Lease incentives under operating leases must be recognised as a reduction of the rental income (for lessors) or expense (for lessees) over the lease term. This is to be done on a straight line basis, unless another systematic basis is representative of the benefits of the leased asset over time. 
   
  Related AASB Standards: AASB 101, AASB 108, AASB 117
 
 

• Interpretation 127 
  Evaluating the Substance of Transactions Involving the Legal Form of a Lease 
   
  Operative date: 1 January 2005  
  Issue date: July 2004 
   
  A series of transactions which involve the legal form of a lease, are to be regarded as linked, and are to be accounted for as one transaction, when the overall economic effect cannot be understood without reference to the series of transactions as a whole. The Interpretation includes indicators for assessing the substance of an arrangement, and sets out the requirements for accounting for some arrangements that do not meet the definition of a lease under AASB 117 Leases. 
   
  Related AASB Standards: AASB 111, AASB 117, AASB 118, AASB 137, AASB 139, AASB 1023
 
 

• Iinterpretation 129 
  Service Concession Arrangements: Disclosures 
   
  Operative date: 1 January 2008 
  Issue date: February 2007 
   
  This Interpretation provides disclosure requirements for grantors and operators, regarding service concession arrangements. Disclosures include a description of the arrangement and significant terms that may affect the amount, timing and certainty of future cash flows. 
   
  Related AASB Standards: AASB 101, AASB 116, AASB 117, AASB 137, AASB 138
 
 

• Interpretation 132 
  Intangible Assets – Web Site Costs 
   
  Operative date: 1 January 2005 
  Issue date: July 2004 
   
  A web site developed by an entity for its own use is an internally generated intangible asset, however the only costs that can be capitalised are those where it can be demonstrated that future economic benefits will be generated in accordance with AASB 138 Intangible Assets.  
   
  Related AASB Standards: AASB 101, AASB 102, AASB 111, AASB 116, AASB 117, AASB 136, AASB 138