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Contents

Overview.......................................................................................... 4

1. Identifying a lease ..................................................................... 6

1.1 Scope and scope exclusions ................................................ 6

1.2 Definition of a lease ............................................................ 6

1.3 Cancellable leases ............................................................. 11

1.4 Short-term leases ............................................................. 11

1.5 Leases of small assets ....................................................... 12

1.6 Identifying and separating lease and non-lease

components and allocating contract consideration ........... 13

1.7 Lease modifications .......................................................... 15

1.8 Contract combinations ...................................................... 16

1.9 Portfolio approach ............................................................ 16

2. Key concepts .......................................................................... 17

2.1 Lease commencement and inception date......................... 17

2.2 Lease term........................................................................ 17

2.3 Lease payments ................................................................ 18

2.4 Discount rate .................................................................... 22

2.5 Initial direct costs .............................................................. 23

2.6 Economic life .................................................................... 24

2.7 Fair value of the underlying asset...................................... 24

3. Lease classification ................................................................. 25

3.1 Lease component with right to use more than one

interrelated asset.............................................................. 26

3.2 Residual value guarantees included in lease classification . 26

3.3 Reassessment ................................................................... 26

4. Lessee accounting .................................................................. 27

4.1 Initial recognition and measurement ................................. 27

4.2 Subsequent measurement ................................................ 27

4.3 Other lessee matters......................................................... 29

4.4 Presentation ..................................................................... 31

4.5 Disclosure ......................................................................... 31

1 April 2015 Applying IFRS – New standard on leases is taking shape

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