Common Contracts
1 similar null contracts
IAS 17July 29th, 2016
LEASE AND ITS TYPES Lease A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period oftime. Finance lease A finance lease is a lease that transfers substantially all the risks and rewardsincidental to ownership of an asset. Title may or may not be eventually transferred. Operatinglease An operating lease is a lease other than finance lease. Non- cancelable lease A non-cancelable lease is a lease that is cancelable only:(a) Upon the occurrence of some remote contingency;(b) With the permission of lessor;(c) If the lessee enters into a new lease for the same or an equivalent asset with the same lessor; or(d) Upon payment by the lessee of such an additional amount that, at inception of the lease, continuation of the lease is reasonably certain.
