CONTENTS

COMPILATION DETAILS

Comparison With IAS 17

Accounting Standard

AASB 117 Leases

Paragraphs

Objective 1

Application Aus1.1 – Aus1.7

Reduced Disclosure Requirements Aus1.8 – Aus1.9

Scope 2 – 3

Definitions 4 – 6A

Classification of Leases 7 – 19

Leases in the Financial Statements of Lessees

Finance Leases

Initial recognition 20 – 24

Subsequent measurement 25 – 30

Disclosures 31 – 32

Operating Leases 33 – 34

Disclosures 35

Leases in the Financial Statements of Lessors

Finance Leases

Initial recognition 36 – 38

Subsequent measurement 39 – 46

Disclosures 47 – 48

Operating Leases 49 – 55

Disclosures 56 – 57

Sale and Leaseback Transactions 58 – 66

Transitional Provisions 68A

Effective Date 69A

IMPLEMENTATION GUIDANCE Page 17

DELETED IAS 17 TEXT Page 18

BASIS FOR CONCLUSIONS ON IAS 17
(available on the AASB website)

Australian Accounting Standard AASB 117 Leases (as amended) is set out in paragraphs 1 – 69A. All the paragraphs have equal authority. Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 117 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.