According to the provisions of IAS 17 should record an asset and a liability for the same value must be equal to the fair value of the leased property (see accounting records 1). If this value is not equal to fair value but minor, you must register the present value of payments under the lease, excluding from the cost of ownership or any fees associated with the procurement process and are paid by the landlord in the transaction. The fair value should be determined on the date of the contract and the present value of minimum lease payments should be calculated on the starting date of the lease term.
After this must be the successive records of payments of contributions, separating the capital of these interests that include the capital should reduce the bill to pay without forgetting that we do the registration for VAT operation, since according to tax provisions in force in Venezuela this is because at the time of cancellation fees (see accounting entry 2) and then be recorded interest expense for the period, discharging is the provision of interest payable at the time of completed creation of liabilities (see accounting entry 3).
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