IPSAS 13 LEASES WIPO has a number of leases providing additional space, storage and specialized facilities in Geneva.

. In addition, the Organization leases space for its liaison offices in New York, Rio de Janeiro, Singapore and Tokyo. The majority of these leases are cancellable by the Organization subject to notification periods specified in the agreements. The Organization leases space for its New York liaison office under the terms of a non-cancellable lease agreement which has outstanding payments to the end of the lease period as follows:
December 31, December 31, 2012 2011 (in thousands of Swiss francs) Not later than one year Later than one year and not later than five years Later than five years Total non-cancellable operating leases 191 318 509 192 513 705

The Organization has no outstanding leases qualifying as finance leases at the reporting date. The total amount of lease payments recognized as an expense in the reporting period was 2.1 million thousand Swiss francs [7.1 million Swiss francs in 2011]. Since there are no leases qualifying as finance leases at the reporting date, the following tests were conducted for Operating Leases only. Tests conducted Sr. No 1. Result Test Check whether lease payments under an operating lease are recognized as an expense on a straight line basis over the lease term unless another systematic basis is representative of the time pattern of the users benefit. If an agency is a lessor, it recognizes the revenue from operating leases as revenue on a straight line basis over the lease term, and all costs, including depreciation incurred in earning the lease revenue, are recognized as an expense. Information concerning the Madrid Union Building in Meyrin is covered under IPSAS-16 Investment Property. Check the treatment given in this case. Does WIPO disclose the following information for operating leases (in which its is the lessee) (IPSAS 13.44) a) The future minimum lease payments under non-cancellable operating leases for each of the following periods. i. Not later than one year ii. Later than one year and not later than five years iii. Later than five years Yes No KD ref Remarks

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b) the future minimum sub-lease payments expected to be received under non-cancellable sub-leases at the end of the reporting period c) the lease and sub-lease payments recognized as an expense in the period, with separate amounts for. i. Minimum lease payments ii. Contingent rents iii. Sublease payments d) The lessees material leasing arrangements including, but not limited to, the following. i. ii. iii. The basis on which contingent rent payable id determined The existence and terms of renewal or purchase options and escalation clauses Restrictions imposed by lease arrangements, such as those concerning return of net surplus, return of capital contributions, dividends, additional debt and further leasing.