Septiembre 2011

Leases and other transactions of a similar nature

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  Gains or losses from the fluctuation in the fair value of the residual accrue to the lessee.
  

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  The lessee has the ability to continue the lease for a secondary period at a rent that is substantially lower than market rent.
  

The lessee recognises an asset based on its nature and a financial liability for the same amount (the lower of the fair value of the leased asset and the present value of the minimum lease payments agreed upon for the lease term, calculated at the inception of the lease). The total finance charge is allocated to periods during the lease term and recognised in the income statement on an accrual basis using the effective interest method.

The lessor recognises the lease revenue in accordance with the criteria contained in the standard on revenue from sales and services if it is the manufacturer or dealer of the leased asset or in accordance with the criteria contained in the standard on property, plant and equipment in all other cases. Interest is recognised in the income statement in the year in which it accrues using the effective interest rate method.

Operating leases

The lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.

Operating lease income and expenses corresponding to the lessor and the lessee are considered, respectively, to be income and expenses of the year in which they accrue.

A payment made on entering into or acquiring a leasehold that is accounted for as an operating lease represents prepaid lease payments that are amortised over the lease term.

Sale and leaseback transactions

When the economic conditions of a disposal, coupled with the subsequent leaseback of the assets disposed of, evidence that it is a method of financing, the transaction is considered to be a finance lease and, consequently, the lessee must not reclassify the asset
nor recognise any gain or loss on the transaction and the amount received must be credited to an item that reflects the corresponding financial liability.