MASB10 Leases pg1

http://www.masb.org.my/index.php?option=com_content&view=articl...

Sitemap

Location Map

Home

About Us

Our Standards

Other Pronouncements

Draft Pronouncements

Events

Media Room

General

Publication Order

Home

Our Standards

MASB Approved Accounting Standards for Private Entities

LEMBAGA PIAWAIAN PERAKAUNAN MALAYSIA MALAYSIAN ACCOUNTING STANDARDS BOARD

Leases
The standards, which have been set in the bold type should be read in the context of the background material and implementation guidance in this Standard, and in the context of the Foreword to MASB Standards. MASB Standards are not intended to apply to immaterial items.

Objective
The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to finance and operating leases.

Scope
1. This Standard should be applied in accounting for all leases other than: 1. lease agreements to explore for or use natural resources, such as oil, gas, timber, metals and other mineral rights; and 2. licensing agreements for such items as motion picture films, video recordings, plays, manuscripts, patents and copyrights. 1. This Standard supersedes MASB Approved Accounting Standard IAS 17, Accounting for Leases, issued previously by the Malaysian professional accountancy bodies. 2. This Standard applies to agreements that transfer the right to use assets even though substantial services by the lessor may be called for in connection with the operation or maintenance of such assets. On the other hand, this Standard does not apply to agreements that are contracts for services that do not transfer the right to use assets from one contracting party to the other. 3. This Standard does not deal with Islamic leases as these will be dealt with under separate Islamic accounting standards.

Page | 1 2 3 4 5 6 7 8

Malaysian Accounting Standards Board Suite 5.02, Level 5, Wisma UOA Pantai, 11 Jalan Pantai Jaya, 59200 Kuala Lumpur. Tel : 603-2240 9200 Fax : 603-2240 9300 Email : masb@masb.org.my Financial Reporting Foundation and Malaysian Accounting Standards Board 2010. All Rights Reserved.
Site engineered by Ace Touchtone Sdn Bhd

1 of 1

20/10/2010 5:17 PM