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IAS 40 and IFRS 16

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IAS 40 and IFRS 16

Viewing 2 posts - 1 through 2 (of 2 total)
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  • May 29, 2021 at 1:11 pm #622171
    Jiya024
    Member
    • Topics: 168
    • Replies: 56
    • ☆☆☆

    Dear Professor,

    I wish to know why property leased out under an operating lease falls under IAS 40 whereas property leased out under Finance lease falls under IFRS 16?

    Thank you in advance:)

    May 29, 2021 at 5:45 pm #622215
    Stephen Widberg
    Keymaster
    • Topics: 15
    • Replies: 3383
    • ☆☆☆☆☆

    Standard numbers do not matter in this exam. Just think about normal lessor accounting rules.

    PPE or IP leased out under:

    FL will be lease receivable.

    OL will be PPE or IP.

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