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Leases - Coggle Diagram
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Lessor accounting
Finance lease
Initial recognition
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DR Lease receivable, CR PPE (CV) & DR SPL
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Operating lease
Initial recognition
Keep PPE, no long term receivable
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DR Cash, CR SPL & CR Deferred income
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Sale & lease back
Seller-lessee
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- Eliminate PPE (Sold) CR PPE
Buyer-lessor
- Recognise lease liability CR LL (PV of future cash payments)
- Recognise ROU DR ROU (2*3/1)
- Balancing figure DR/CR SPL
Subsequently
- Lease liability at amortised costs
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Definitions
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Lease = a contract that conveys the right to control use an asset over a period of time in exchange for consideration
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