LEMBAGA PIAWAIAN PERAKAUNAN MALAYSIA
MALAYSIAN ACCOUNTING STANDARDS BOARD Leases The standards, which have been set in the bold type should be read in the context of the background material and implementation guidance in this Standard, and in the context of the Foreword to MASB Standards. MASB Standards are not intended to apply to immaterial items. Objective The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to finance and operating leases. Scope This Standard should be applied in accounting for all leases other than: lease agreements to explore for or use natural resources, such as oil, gas, timber, metals and other mineral rights; and licensing agreements for such items as motion picture films, video recordings, plays, manuscripts, patents and copyrights.
This Standard supersedes MASB Approved Accounting Standard IAS 17, Accounting for Leases, issued previously by the Malaysian professional accountancy bodies. 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. On the other hand, 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. This Standard does not deal with Islamic leases as these will be dealt with under separate Islamic accounting standards.
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