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Funding a business
Lease identification in Business
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[QUOTE="Yakub02, post: 310177, member: 94426"] Identifying a lease It is usually straightforward to identify a leasing contract. However, some contracts might not have the legal form of a lease but still might convey a right to use an asset in return for a payment or series of payments. Such contracts (either in whole or in part) are subject to the rules in IFRS 16. Examples of such contracts might include: certain outsourcing arrangements; arrangements in the telecommunications industry where suppliers of network capacity sell rights to capacity The issues addressed by IFRS 16 are as follows: how to determine whether an arrangement is (or contains) a lease as defined; and if an arrangement is (or contains) a lease, how the payments for the lease should be separated from payments for any other elements in the arrangement. Existence of a lease A contract that gives the lessee the right to control the use of an identified asset for a period of time in exchange for consideration is (or contains) a lease. A period of time may be described in terms of usage. For example, a contract might allow for the use of a vehicle for 20,000 km. A contract conveys the right to control the use of an identified asset [/QUOTE]
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