Valuation and reporting of lease transactions
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The article presents problems connected with the rules for classification, valuationand presentation in financial statements of lease transactions based on Polish AccountingStandard No. „Leases and hire purchase contracts”. Different lease payments are described,and rules of presentation in financial statements of assets, liabilities, expenses and revenues(income) connected with lease transaction (for a finance and an operating lease) arepresented from the lessee and lessor point of view. Accounting treatment alternativeswith regard to the interest component of lease payments in finance leases are described, andthe nature of sale and leaseback transactions and their influence on the lessee's financialstatements is presented. Attention was also paid to the issue of expenses and revenues(income) presentation in income statement of the lessor depending on the type of itsbasic activity.
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