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Financial Accounting II Lecture 26

Financial Accounting II Lecture 26

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Published by Mohsin

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Categories:Types, Business/Law
Published by: Mohsin on Nov 23, 2009
Copyright:Attribution Non-commercial

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08/18/2012

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Financial Accounting IILecture 26
 
A lease is an agreement whereby thelessor conveys to the lessee in returnfor a payment or series of payments theright to use an asset for an agreedperiod of time.
Lease – IAS 17
 
The definition of lease includes contractsfor the hire of an asset which contains theprovision giving the hirer option to acquiretitle to the asset upon fulfillment of agreedconditions. These contracts are sometimesknown as hire purchase contracts.
Lease – IAS 17

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