Lease in the financial statements of the lessor
9.8. An asset held as part of a finance lease is presented as a receivable and is recorded as follows:
• Such receivables are recorded as a net investment;
• recognition of financial income is based on a graph showing the constant periodic rate of return on a given net investment;
• Initial direct costs are either immediately recognized or allocated against financial income over the term of the lease.
9.9. The classification of an operating lease asset is in accordance with its nature. The asset is accounted for as follows:
• amortization is recognized in accordance with IAS 16;
• Rental income is recognized evenly (except where a different systematic basis is more appropriate);
• Initial direct costs are immediately recognized or allocated against rental income over the lease term.
Sales operations with leaseback
9.10. If the reverse lease is a finance lease, any excess of proceeds from sale over the book value in the lessee's (seller's) accounts should be deferred and amortized over the lease term. The operation is a means by which the lessor provides financing to the lessee. Consequently, the immediate recognition of profits as income is wrong.
The term of economic service is:
1) the period during which it is expected that the asset will be used economically by one user or multiple users, or
2) the amount of the product or similar items that is expected to be received from the asset by one user or multiple users.
9.11. The gains (losses) from operating leases at fair value are recognized immediately. Transactions whose amounts are lower or higher than fair value are written as follows:
• if the fair value is less than the carrying amount of the asset, immediately recognize a loss equal to the difference received;
• If the selling price is higher than the fair value, the excess over the fair value should be deferred and amortized over the term of the lease;
• If the selling price is below fair value, any gain (loss) is recognized immediately, except when the loss is offset by future lease payments below market value, then it should be deferred and amortized in proportion to the lease payments.
Useful life - the remaining remaining period from the beginning of the lease term, which is not limited by the lease term, during which the company expects to receive the economic benefits entered into in the asset.
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