Professional Documents
Culture Documents
Chapter
Leases:
MFRS 16
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LEARNING OBJECTIVES
At the end of the class, you will able to :
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INTRODUCTION:
a contractual agreement
between a lessor and a lessee,
that gives the LESSEE THE RIGHT
TO USE specific property,
owned by the lessor, for a
SPECIFIED PERIOD of time IN
RETURN for a series
of payments.
LEASE TERMS:
Lessor • The owner of the leased asset
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DEFINITION:
MFRS 16 Para 9:
A contract that conveys
the RIGHT TO CONTROL
the use of an asset (the
underlying asset) for a
period of time in
exchange for
consideration.
RIGHT TO CONTROL
Means:
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