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Commission Regulation
(EC) No 2238/2004 of 29 December 2004 amending
Regulation (EC) No 1725/2003 adopting certain
international accounting standards in accordance with
Regulation (EC) No 1606/2002 of the European Parliament
and of the Council, as regards IASs IFRS 1, IASs Nos 1
to 10, 12 to 17, 19 to 24, 27 to 38, 40 and 41 and SIC
Nos 1 to 7, 11 to 14, 18 to 27 and 30 to 33
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Objective
1. The objective of
this Standard is to prescribe, for lessees and lessors, the
appropriate accounting policies and disclosure to apply in
relation to leases.
Scope
2. This Standard
shall be applied in accounting for all leases other than:
(a) leases to
explore for or use minerals, oil, natural gas and
similar
non-regenerative resources; and
(b) licensing
agreements for such items as motion picture films,
video
recordings, plays, manuscripts, patents and copyrights.
However, this
Standard shall not be applied as the basis of measurement
for:
(a) property held by
lessees that is accounted for as investment property
(see IAS 40 Investment Property);
(b) investment
property provided by lessors under operating leases
(see IAS 40);
(c) biological
assets held by lessees under finance leases (see
IAS
41 Agriculture); or
(d) biological
assets provided by lessors under operating leases
(see
IAS 41).
3. 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. 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.
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