AASB 117 - Leases - July 2004
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Transitional Provisions
67 [Deleted by the AASB]
68 [Deleted by the AASB]
68A An entity shall reassess the classification of land elements of unexpired leases at the date it adopts the amendments referred to in paragraph 69A on the basis of information existing at the inception of those leases. It shall recognise a lease newly classified as a finance lease retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors. However, if an entity does not have the information necessary to apply the amendments retrospectively, it shall:
(a) apply the amendments to those leases on the basis of the facts and circumstances existing on the date it adopts the amendments; and
(b) recognise the asset and liability related to a land lease newly classified as a finance lease at their fair values on that date; any difference between those fair values is recognised in retained earnings.