Document from CIS Legislation database © 2003-2024 SojuzPravoInform LLC

The document ceased to be valid since January 1, 2019 according to the Instruction of the Central bank of the Russian Federation of March 22, 2018 No. 4747-U

The provision is applied by credit consumer cooperatives, housing accumulative cooperatives since January 1, 2019, agricultural credit consumer cooperatives - since January 1, 2020 according to the Instruction of the Central bank of the Russian Federation of December 7, 2017 No. 4641-U

About application watch the Provision of the Central bank of the Russian Federation of October 25, 2017 No. 612-P

It is registered

Ministry of Justice

Russian Federation

On February 2, 2016 No. 40917

PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of December 28, 2015 No. 524-P

Industry standard of financial accounting of lease agreements by not credit financial credit institutions

(as amended on 14-08-2017)

This Provision based on the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2003, No. 2, Art. 157; No. 52, Art. 5032; 2004, No. 27, Art. 2711; No. 31, Art. 3233; 2005, No. 25, Art. 2426; No. 30, Art. 3101; 2006, No. 19, Art. 2061; No. 25, Art. 2648; 2007, No. 1, Art. 9, Art. 10; No. 10, Art. 1151; No. 18, Art. 2117; 2008, No. 42, Art. 4696, Art. 4699; No. 44, Art. 4982; No. 52, Art. 6229, Art. 6231; 2009, No. 1, Art. 25; No. 29, Art. 3629; No. 48, Art. 5731; 2010, No. 45, Art. 5756; 2011, No. 7, Art. 907; No. 27, Art. 3873; No. 43, Art. 5973; No. 48, Art. 6728; 2012, No. 50, Art. 6954; No. 53, Art. 7591, Art. 7607; 2013, No. 11, Art. 1076; No. 14, Art. 1649; No. 19, Art. 2329; No. 27, Art. 3438, Art. 3476, Art. 3477; No. 30, Art. 4084; No. 49, Art. 6336; No. 51, Art. 6695, Art. 6699; No. 52, Art. 6975; 2014, No. 19, Art. 2311, Art. 2317; No. 27, Art. 3634; No. 30, Art. 4219; No. 40, Art. 5318; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, Art. 4, Art. 37; No. 27, Art. 3958, Art. 4001; No. 29, Art. 4348, Art. 4357; No. 41, Art. 5639; No. 48, Art. 6699; 2016, No. 1, Art. 23, Art. 46, Art. 50; No. 26, Art. 3891; No. 27, the Art. 4225, the Art. 4273, the Art. 4295) and according to the solution of the Board of directors of the Bank of Russia (the minutes of the Board of directors of the Bank of Russia of December 22, 2015 No. 38) establish procedure for financial accounting of lease agreements for not credit financial credit institutions.

Chapter 1. General provisions

1.1. Financial accounting of lease agreements shall provide forming of reliable information about property of the not credit financial credit institutions acting as lessors or lessees according to lease agreements.

1.2. Not credit financial credit institution independently establishes rules of document flow when conducting financial accounting of lease agreements.

Not credit financial credit institution if necessary determines features of conducting financial accounting of lease agreements in standards of the economic actor.

1.3. The fact of cession of property in lease, the fact of return of property upon termination of lease term are subject to registration by source accounting documents according to standards of the economic actor and (or) the lease agreement.

1.4. It can be provided in the lease agreement that the leased property carries over the lessee after lease term or before its expiration on condition of introduction by the lessee of all buyback price caused by the agreement.

The paragraph two is excluded.

1.5. Determinations of the lease agreement, lease term, economic life of object of lease, minimum lease payments, and also other concepts which are not determined by this Provision are applied in the values established by the International accounting standard (IAS) 17 "Lease" enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of December 28, 2015 No. 217n "About introduction of International accounting standards and Explanations of International accounting standards in action in the territory of the Russian Federation and about recognition voided some orders (separate provisions of orders) of the Ministry of Finance of the Russian Federation", the registered Ministry of Justice of the Russian Federation on February 2, 2016 No. 40940 ("The official Internet portal of legal information" (www.pravo.gov.ru), on February 8, 2016) (further - the order of the Ministry of Finance of the Russian Federation No. 217n), with amendments, enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of June 27, 2016 No. 98n "About introduction of documents of International accounting standards in action in the territory of the Russian Federation and about recognition voided some orders of the Ministry of Finance of the Russian Federation", the registered Ministry of Justice of the Russian Federation on July 15, 2016 No. 42869 ("The official Internet portal of legal information" (www.pravo.gov.ru), on July 18, 2016) (further - the order of the Ministry of Finance of the Russian Federation No. 98n), and other regulatory legal acts of the Russian Federation.

1.6. The procedure for financial accounting of the lease agreement is determined by its classification as agreements of finance lease (further - finance lease)" or as agreements of operating lease (further - operating lease).

The procedure for classification of lease agreements is determined in Chapter 2 this provision.

1.7. All amounts which are subject to payment according to the lease agreement are subdivided into lease payments and other payments. Examples of other payments are compensation payments and payment of other services.

Compensation payments including include:

compensation to the lessor of costs for running repair of object of lease;

compensation to the lessor of maintenance costs and servicing of object of lease.

Other services including include the services connected with the conclusion and registration of the lease agreement.

Payments are divided on rent and other, proceeding from ratio of fair value of these components for which determination various technicians of assessment can be used. The procedure for separation of payments into lease payments and other payments is established if necessary by not credit financial credit institution in standards of the economic actor.

If such separation of payments is impracticable, then:

not credit financial credit institution - the lessee recognizes object of lease and the obligation in the amount equal to fair value of object of lease if the lease agreement is finance lease;

not credit financial credit institution - the lessee classifies all payments as rent if the lease agreement is operating lease.

1.7.1. The amount of minimum lease payments joins strike price of the purchase option of object of lease which is available for the lessee if in case of the conclusion of the lease agreement there is reasonable confidence that such option will be performed owing to the fact that the purchase price will be significantly lower than fair value of object.

1.8. Assessment by the lessee of shares in the investment real estate according to the lease agreement considered as finance lease, and assessment by the lessor of the investment real estate transferred to the lessee on the terms of operating lease is determined according to the International accounting standard (IAS) 40 "Investment real estate" enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation No. 217n with the amendments enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation No. 98n (further - IFRS (IAS) 40).

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