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English > Spanish: Lease classification accounting policy

Source text - English

Accounting policy
  • Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
  • Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
  • Assets held under finance leases are initially recognised as assets at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability.

Opening balance adjustments classification
  • Please ensure that you had read the accounting policy paper 'Leases', specifically the classification section.
  • Obtain an analysis of all leases held (both rental and capital) as at 1 January 2012, together with the related lease agreements.
  • Determine whether any of lease arrangements (however currently classified) meet the criteria for recognition as finance leases under the accounting policies, as detailed in the 'Classification Criteria' section of the 'Leases' policy paper.

Please note that when applying these criteria, it should be assumed that 1 January 2012 (or your equivalent date of transition) is the lease start date.

Translation - Spanish

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