(AS) 19

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372 <strong>AS</strong> <strong>19</strong> (issued 2001) (ii) later than one year and not later than five years; (iii) later than five years; (d) contingent rents recognised as expense in the statement of profit and loss for the period; (e) the total of future minimum sublease payments expected to be received under non-cancellable subleases at the balance sheet date; and (f) a general description of the lessee’s significant leasing arrangements including, but not limited to, the following: (i) the basis on which contingent rent payments are determined; (ii) the existence and terms of renewal or purchase options and escalation clauses; and (iii) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing. Operating Leases 23. Lease payments under an operating lease should be recognised as an expense in the statement of profit and loss on a straight line basis over the lease term unless another systematic basis is more representative of the time pattern of the user’s benefit. 24. For operating leases, lease payments (excluding costs for services such as insurance and maintenance) are recognised as an expense in the statement of profit and loss on a straight line basis unless another systematic basis is more representative of the time pattern of the user’s benefit, even if the payments are not on that basis. 25. The lessee should make the following disclosures for operating leases: (a) the total of future minimum lease payments under non-
Leases 373 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; (iii) later than five years; (b) the total of future minimum sublease payments expected to be received under non-cancellable subleases at the balance sheet date; (c) lease payments recognised in the statement of profit and loss for the period, with separate amounts for minimum lease payments and contingent rents; (d) sub-lease payments received (or receivable) recognised in the statement of profit and loss for the period; (e) a general description of the lessee’s significant leasing arrangements including, but not limited to, the following: (i) the basis on which contingent rent payments are determined; (ii) the existence and terms of renewal or purchase options and escalation clauses; and (iii) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing. Leases in the Financial Statements of Lessors Finance Leases 26. The lessor should recognise assets given under a finance lease in its balance sheet as a receivable at an amount equal to the net investment in the lease.
Page 1 and 2: Accounting Standard (AS) 19 (issued
Page 3 and 4: (iii) Banks including co-operative
Page 5 and 6: An operating lease is a lease other
Page 7 and 8: Leases 365 Unguaranteed residual va
Page 9 and 10: Leases 367 (c) the lease term is fo
Page 11 and 12: Leases 369 (b) In the above example
Page 13: Leases 371 19. The depreciable amou
Page 17 and 18: Leases 375 (a) the profit or loss e
Page 19 and 20: Leases 377 42. Initial direct costs
Page 21 and 22: Leases 379 and it is clear that the
Page 23: Sale price above fair value (paragr

(AS) 19

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