Operating Leases-Incentives: SIC Interpretation 15
Operating Leases-Incentives: SIC Interpretation 15
Operating Leases-Incentives: SIC Interpretation 15
SIC Interpretation 15
Operating Leases—Incentives
This version includes amendments resulting from IFRSs issued up to 31 December 2010.
In April 2001 the International Accounting Standards Board resolved that all Standards
and Interpretations issued under previous Constitutions continued to be applicable unless
and until they were amended or withdrawn.
SIC Interpretation 15
Operating Leases—Incentives
References
Issue
Consensus
3 All incentives for the agreement of a new or renewed operating lease shall be
recognised as an integral part of the net consideration agreed for the use of the
leased asset, irrespective of the incentive’s nature or form or the timing of
payments.
4 The lessor shall recognise the aggregate cost of incentives as a reduction of rental
income over the lease term, on a straight-line basis unless another systematic
basis is representative of the time pattern over which the benefit of the leased
asset is diminished.
Date of consensus
June 1998
Effective date
This Interpretation becomes effective for lease terms beginning on or after 1 January 1999.