Analysis of Financial Lease Accounting and Reporting Standards
VerifiedAdded on 2023/06/04
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This report offers a comprehensive overview of financial lease accounting and reporting, focusing on the Australian Accounting Standard Board (AASB) 117. It defines key terms such as financial lease, operating lease, lease period, and minimum lease payments. The report explains the accounting treatment for lessors and lessees, including initial recognition, subsequent measurement, and the journal entries involved. It also outlines the sources of income for lessors and details the required disclosures, such as unearned finance income, unguaranteed residual value, and reconciliation statements of minimum lease payments. The report references relevant sources to support the information provided, making it a useful resource for understanding the complexities of financial lease accounting. This report is a solved assignment available on Desklib, a platform that provides AI-based study tools and resources for students.
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