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IAS 17 is an international standard related to leasing. Operating and capital lease are concepts that reflected the main idea of “Substance over Form”. You should write an article explaining the main kinds of leasing contracts as they were described in IAS 17, different criteria for different types of leasing
Length: 6 pages (1838 Words)
Accounting: Deliverable 2
In accounting transactions, there are regulatory standards that govern every form of transaction done between two individuals involved in an accounting contract. There are international standards set for various accounting works and agreements done by individuals, organizations, or between groups of people. This paper will discuss the International Accounting Standards (IAS 17) that is related to leasing. In relation to these international standards, the article will explain the main kinds of leasing contracts, the different criteria available for the main types of leasing contracts, and also, the notable differences between the accounting for leasing in IAS 17 and that of the US GAAP.