IAS 17 and Shilling: Difference between pages

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imported>Doug Williamson
(Checked against IASB & Deloitte 20/4/13 - no change)
 
imported>Doug Williamson
(Create page. Sources: Linked pages & ISO - https://www.six-group.com/en/products-services/financial-information/data-standards.html#scrollTo=maintenance-agency)
 
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1.
1. ''Currency names - current.''
International Accounting Standard 17, dealing with leases.


IAS 17 requires finance lease liabilities to be accounted for 'on balance sheet'.
Shilling is a generic name for the currencies of Kenya (KES), Somalia (SOS), Tanzania (TZS) and Uganda (UGX).
It also requires the appropriate allocation of the total lease instalments between finance charges and reduction of the outstanding lease liability.


2.
Under IAS 17 the total finance charge should be spread in such a way as to produce a constant periodic rate of interest on the remaining balance of the liability.
However, IAS 17 also allows for some form of approximation to be used to simplify the calculation.


Fully accurate calculation bases for spreading the total finance charge include the Actuarial method.
2.  ''Currency names - pounds - historic.''
The Sum of the digits method is simpler to apply, and will normally produce a close approximation.  
 
Historically, before decimalisation, a shilling was 1/20 of a pound.
 
For example, the pound sterling (GBP).
 


== See also ==
== See also ==
* [[Actuarial method]]
* [[Bullion]]
* [[ED 2010/9]]
* [[Court]]
* [[Finance charge]]
* [[Dim sum bond]]
* [[Finance lease]]
* [[Gilts]]
* [[International Financial Reporting Standards]]
* [[Guinea]]
* [[Off-balance sheet finance]]
* [[Pound]]
* [[Operating lease]]
* [[Seigniorage]]
* [[SSAP 21]]
* [[Sovereign]]
* [[Sum of the digits]]
* [[Sovereign debt]]
* [[Sovereign debt crisis]]
* [[Sovereign immunity]]
* [[Sovereign issuance]]
* [[Sovereign risk]]
* [[Sovereign social bond]]
* [[Sovereign wealth fund]]
* [[Sovereignty]]
* [[Sterling]]
 
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Cash_management]]
[[Category:Financial_products_and_markets]]
[[Category:Liquidity_management]]

Revision as of 06:28, 15 September 2022

1. Currency names - current.

Shilling is a generic name for the currencies of Kenya (KES), Somalia (SOS), Tanzania (TZS) and Uganda (UGX).


2. Currency names - pounds - historic.

Historically, before decimalisation, a shilling was 1/20 of a pound.

For example, the pound sterling (GBP).


See also

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