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Section 20 – Leases |
Ref |
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Finance Leases |
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1. |
A lessee shall make the following disclosures for finance leases: a) for each class of asset, the net carrying amount at the end of the reporting period; b) the total of future minimum lease payments at the end of the reporting period, for each of the following periods: i. not later than one year; ii. later than one year and not later than five years; and iii. later than five years; and c) a general description of the lessee’s significant leasing arrangements including, for example, information about contingent rent, renewal or purchase options and escalation clauses, subleases, and restrictions imposed by lease arrangements. |
20.13 |
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2. |
A lessor shall make the following disclosures for finance leases: a) a reconciliation between the gross investment in the lease at the end of the reporting period, and the present value of minimum lease payments receivable at the end of the reporting period. In addition, a lessor shall disclose the gross investment in the lease and the present value of minimum lease payments receivable at the end of the reporting period, for each of the following periods: i. not later than one year; ii. later than one year and not later than five years; and iii. later than five years; b) unearned finance income; c) the unguaranteed residual values accruing to the benefit of the lessor; d) the accumulated allowance for uncollectible minimum lease payments receivable; e) contingent rents recognised as income in the period; and f) a general description of the lessor’s significant leasing arrangements, including, for example, information about contingent rent, renewal or purchase options and escalation clauses, subleases, and restrictions imposed by lease arrangements. |
20.23 |
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Operating Leases |
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3. |
A lessee shall make the following disclosures for operating leases: a) the total of future minimum lease payments under non-cancellable operating leases for each of the following periods: i. not later than one year; ii. later than one year and not later than five years; and iii. later than five years; and b) lease payments recognised as an expense. |
20.16 |
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4. |
A lessor shall disclose the following for operating leases: the future minimum lease payments under non-cancellable operating leases for each of the following periods: a) not later than one year; i. later than one year and not later than five years; and ii. later than five years; iii. total contingent rents recognised as income; and b) total contingent rents recognised as income; and c) a general description of the lessor’s significant leasing arrangements, including, for example, information about contingent rent, renewal or purchase options and escalation clauses, and restrictions imposed by lease arrangements. |
20.30 |
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Sale and Leaseback |
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5. |
Disclosure requirements for lessees and lessors apply equally to sale and leaseback transactions. The required description of significant leasing arrangements includes description of unique or unusual provisions of the agreement or terms of the sale and leaseback transactions. |
20.35 |
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