need to know / leases - project update - BDO International
need to know / leases - project update - BDO International need to know / leases - project update - BDO International
26 LEASES - A PROJECT UPDATE The proposals also include a number of reliefs that can be taken advantage of on transition: –– Lessors and lessees are not required to evaluate Initial direct costs for contracts that began before the effective date. If an entity elects this relief it should disclose this. –– Hindsight may be used in comparative reporting periods, including the determination of whether or not a contract is or contains a lease. If an entity elects to use any of the reliefs, disclosure of this is required. Although transition disclosures would be required to be consistent with those required by IAS 8 Accounting Policies, Changes in Estimates and Errors, disclosure would not be required of the effect of the change on income from continuing operations, net income, any other affected financial statement line items or any affected earnings per share amounts for the current and any prior periods. However, all of the disclosures required by IAS 8 could be included if an entity wished to do so.
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26 LEASES - A PROJECT UPDATE<br />
The proposals also include a number of reliefs that can be taken advantage of on transition:<br />
––<br />
Lessors and lessees are not required <strong>to</strong> evaluate Initial direct costs for contracts that began before the effective date. If an<br />
entity elects this relief it should disclose this.<br />
––<br />
Hindsight may be used in comparative reporting periods, including the determination of whether or not a contract is or<br />
contains a lease.<br />
If an entity elects <strong>to</strong> use any of the reliefs, disclosure of this is required.<br />
Although transition disclosures would be required <strong>to</strong> be consistent with those required by IAS 8 Accounting Policies, Changes<br />
in Estimates and Errors, disclosure would not be required of the effect of the change on income from continuing operations,<br />
net income, any other affected financial statement line items or any affected earnings per share amounts for the current and<br />
any prior periods. However, all of the disclosures required by IAS 8 could be included if an entity wished <strong>to</strong> do so.