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Commission Regulation (EU) 2017/1986 of 31 October 2017 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 16 (Text with EEA relevance) (revoked)

EU Regulation 2017/1986 · Adopted 31 October 2017 · Extends to United Kingdom

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Commission Regulation (EU) 2017/1986

of 31 October 2017

amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 16

(Text with EEA relevance) (revoked)

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations to the whole text

Textual amendments

F1

Regulation revoked (31.12.2020) by S.I. 2019/685, Sch. 2 para. 54A (as inserted by The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1392), regs. 1(2), 12(a)) (with transitional provision in reg. 20(2)); 2020 c. 1, Sch. 5 para. 1(1)

Contents

  1. 1Article 1 Repealed
  2. 2Article 2 Repealed
  3. 3Article 3 Repealed
  4. Signature
  5. Annex Repealed
  6. Leases Repealed
  7. International Financial Reporting Standard 16 Leases Repealed
  8. OBJECTIVE Repealed
  9. 1Division 1 Repealed
  10. 2Division 2 Repealed
  11. SCOPE Repealed
  12. 3An entity shall apply this Standard to all leases, including leases of right-of-use assets in a sublease, except for: Repealed
  13. 4Division 4 Repealed
  14. RECOGNITION EXEMPTIONS (PARAGRAPHS B3–B8) Repealed
  15. 5A lessee may elect not to apply the requirements in paragraphs 22–49 to: Repealed
  16. 6Division 6 Repealed
  17. 7If a lessee accounts for short-term leases applying paragraph 6, the lessee shall consider the lease to be a new lease for the purposes of this Standard if: Repealed
  18. 8Division 8 Repealed
  19. IDENTIFYING A LEASE (PARAGRAPHS B9–B33) Repealed
  20. 9Division 9 Repealed
  21. 10Division 10 Repealed
  22. 11Division 11 Repealed
  23. Separating components of a contract Repealed
  24. 12Division 12 Repealed
  25. Lessee Repealed
  26. 13Division 13 Repealed
  27. 14Division 14 Repealed
  28. 15Division 15 Repealed
  29. 16Division 16 Repealed
  30. Lessor Repealed
  31. 17Division 17 Repealed
  32. LEASE TERM (PARAGRAPHS B34–B41) Repealed
  33. 18An entity shall determine the lease term as the non-cancellable period of a lease, together with both: Repealed
  34. 19Division 19 Repealed
  35. 20A lessee shall reassess whether it is reasonably certain to exercise an extension option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant change in circumstances that: Repealed
  36. 21An entity shall revise the lease term if there is a change in the non-cancellable period of a lease. For example, the non-cancellable period of a lease will change if: Repealed
  37. LESSEE Repealed
  38. Recognition Repealed
  39. 22Division 22 Repealed
  40. Measurement Repealed
  41. Initial measurement Repealed
  42. Initial measurement of the right-of-use asset Repealed
  43. 23Division 23 Repealed
  44. 24The cost of the right-of-use asset shall comprise: Repealed
  45. 25Division 25 Repealed
  46. Initial measurement of the lease liability Repealed
  47. 26Division 26 Repealed
  48. 27At the commencement date, the lease payments included in the measurement of the lease liability comprise the following payments for the right to use the underlying asset during the lease term that are not paid at the commencement date: Repealed
  49. 28Division 28 Repealed
  50. Subsequent measurement Repealed
  51. Subsequent measurement of the right-of-use asset Repealed
  52. 29Division 29 Repealed
  53. Cost model Repealed
  54. 30To apply a cost model, a lessee shall measure the right-of-use asset at cost: Repealed
  55. 31Division 31 Repealed
  56. 32Division 32 Repealed
  57. 33Division 33 Repealed
  58. Other measurement models Repealed
  59. 34Division 34 Repealed
  60. 35Division 35 Repealed
  61. Subsequent measurement of the lease liability Repealed
  62. 36After the commencement date, a lessee shall measure the lease liability by: Repealed
  63. 37Division 37 Repealed
  64. 38After the commencement date, a lessee shall recognise in profit or loss, unless the costs are included in the carrying amount of another asset applying other applicable Standards, both: Repealed
  65. Reassessment of the lease liability Repealed
  66. 39Division 39 Repealed
  67. 40A lessee shall remeasure the lease liability by discounting the revised lease payments using a revised discount rate, if either: Repealed
  68. 41Division 41 Repealed
  69. 42A lessee shall remeasure the lease liability by discounting the revised lease payments, if either: Repealed
  70. 43Division 43 Repealed
  71. Lease modifications Repealed
  72. 44A lessee shall account for a lease modification as a separate lease if both: Repealed
  73. 45For a lease modification that is not accounted for as a separate lease, at the effective date of the lease modification a lessee shall: Repealed
  74. 46For a lease modification that is not accounted for as a separate lease, the lessee shall account for the remeasurement of the lease liability by: Repealed
  75. Presentation Repealed
  76. 47A lessee shall either present in the statement of financial position, or disclose in the notes: Repealed
  77. 48Division 48 Repealed
  78. 49Division 49 Repealed
  79. 50In the statement of cash flows, a lessee shall classify: Repealed
  80. Disclosure Repealed
  81. 51Division 51 Repealed
  82. 52Division 52 Repealed
  83. 53A lessee shall disclose the following amounts for the reporting period: Repealed
  84. 54Division 54 Repealed
  85. 55Division 55 Repealed
  86. 56Division 56 Repealed
  87. 57Division 57 Repealed
  88. 58Division 58 Repealed
  89. 59In addition to the disclosures required in paragraphs 53–58, a lessee shall disclose additional qualitative and quantitative information about its leasing activities necessary to meet the disclosure objective in paragraph 51 (as described in paragraph B48). This additional information may include, but is not limited to, information that helps users of financial statements to assess: Repealed
  90. 60Division 60 Repealed
  91. LESSOR Repealed
  92. Classification of leases (paragraphs B53–B58) Repealed
  93. 61Division 61 Repealed
  94. 62Division 62 Repealed
  95. 63Whether a lease is a finance lease or an operating lease depends on the substance of the transaction rather than the form of the contract. Examples of situations that individually or in combination would normally lead to a lease being classified as a finance lease are: Repealed
  96. 64Indicators of situations that individually or in combination could also lead to a lease being classified as a finance lease are: Repealed
  97. 65Division 65 Repealed
  98. 66Division 66 Repealed
  99. Finance leases Repealed
  100. Recognition and measurement Repealed
  101. 67Division 67 Repealed
  102. Initial measurement Repealed
  103. 68Division 68 Repealed
  104. 69Division 69 Repealed
  105. Initial measurement of the lease payments included in the net investment in the lease Repealed
  106. 70At the commencement date, the lease payments included in the measurement of the net investment in the lease comprise the following payments for the right to use the underlying asset during the lease term that are not received at the commencement date: Repealed
  107. Manufacturer or dealer lessors Repealed
  108. 71At the commencement date, a manufacturer or dealer lessor shall recognise the following for each of its finance leases: Repealed
  109. 72Division 72 Repealed
  110. 73Division 73 Repealed
  111. 74Division 74 Repealed
  112. Subsequent measurement Repealed
  113. 75Division 75 Repealed
  114. 76Division 76 Repealed
  115. 77Division 77 Repealed
  116. 78Division 78 Repealed
  117. Lease modifications Repealed
  118. 79A lessor shall account for a modification to a finance lease as a separate lease if both: Repealed
  119. 80For a modification to a finance lease that is not accounted for as a separate lease, a lessor shall account for the modification as follows: Repealed
  120. Operating leases Repealed
  121. Recognition and measurement Repealed
  122. 81Division 81 Repealed
  123. 82Division 82 Repealed
  124. 83Division 83 Repealed
  125. 84Division 84 Repealed
  126. 85Division 85 Repealed
  127. 86Division 86 Repealed
  128. Lease modifications Repealed
  129. 87Division 87 Repealed
  130. Presentation Repealed
  131. 88Division 88 Repealed
  132. Disclosure Repealed
  133. 89Division 89 Repealed
  134. 90A lessor shall disclose the following amounts for the reporting period: Repealed
  135. 91Division 91 Repealed
  136. 92A lessor shall disclose additional qualitative and quantitative information about its leasing activities necessary to meet the disclosure objective in paragraph 89. This additional information includes, but is not limited to, information that helps users of financial statements to assess: Repealed
  137. Finance leases Repealed
  138. 93Division 93 Repealed
  139. 94Division 94 Repealed
  140. Operating leases Repealed
  141. 95Division 95 Repealed
  142. 96Division 96 Repealed
  143. 97Division 97 Repealed
  144. SALE AND LEASEBACK TRANSACTIONS Repealed
  145. 98Division 98 Repealed
  146. Assessing whether the transfer of the asset is a sale Repealed
  147. 99Division 99 Repealed
  148. Transfer of the asset is a sale Repealed
  149. 100If the transfer of an asset by the seller-lessee satisfies the requirements of IFRS 15 to be accounted for as a sale of the asset: Repealed
  150. 101If the fair value of the consideration for the sale of an asset does not equal the fair value of the asset, or if the payments for the lease are not at market rates, an entity shall make the following adjustments to measure the sale proceeds at fair value: Repealed
  151. 102The entity shall measure any potential adjustment required by paragraph 101 on the basis of the more readily determinable of: Repealed
  152. Transfer of the asset is not a sale Repealed
  153. 103If the transfer of an asset by the seller-lessee does not satisfy the requirements of IFRS 15 to be accounted for as a sale of the asset: Repealed
  154. Repealed
  155. Defined terms Repealed
  156. Terms defined in other Standards and used in this Standard with the same meaning Repealed
  157. Appendix BApplication guidance Repealed
  158. Appendix CEffective date and transition Repealed
  159. Appendix DAmendments to other Standards Repealed