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sale and leaseback

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › sale and leaseback

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by Stephen Widberg.
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  • August 29, 2021 at 11:12 am #633355
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    sir when deciding under sale and lease back whether sale has taken place or not, we need assess under IFRS 15 if the performance obligations have been satisfied, so I wanted to know what exact criteria do we check for that?

    1st set: the 5 criteria for checking sale at a point in time? (entity has transferred physical possession of the asset, customer has accepted the asset, legal right to payment, risks and rewards ahve been transferred and legal ownership passed)?

    2nd set: OR that Customer has right to direct its use and obtain substantially all of the economic befits flowing from it?

    which set of criteria to be used?

    August 29, 2021 at 12:45 pm #633377
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    If the leaseback is for the life of the asset – it is not a sale.

    If the leaseback is for only some of the life of the asset – it is a sale.

    Keep it simple.

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