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HMRC internal manual

Business Leasing Manual

Lease accounting: accounting standards: significance of IAS 39

Occasionally, IAS 39 Financial instruments: Recognition and measurement may be relevant to lease accounting. For example

  • a lease may be accounted for under IAS 39 as a financial transaction, by virtue of it not being treated as a lease under SIC 27. IAS 18 may also then be a relevant standard
  • the derecognition principles of IAS 39 apply to lease receivables and payables and the impairment provisions of this standard apply to lease receivables.