The new accounting standard for leases (IFRS 16 - "Leases)" becomes applicable for reporting periods beginning on or after 1 January 2019. The attached IFRS 16 In-depth publication includes detail discussions of the new lease accounting requirements for lessees' and lessors.

Under IFRS 16, a lessee may, but is not required to, apply lease accounting to leases of intangible assets other than rights held under licensing agreements within the scope of IAS 38, Intangible Assets.

Dec 31, 2022 · A comprehensive guide to the applicable IFRS Accounting Standards, organised by standard. Chapters 01 - Introduction, accounting principles and applicability of IFRS (Conceptual framework)

Jul 3, 2018 · IFRS 16, ‘Leases’ defines how the customer (lessee) and supplier (lessor) account for leases. The lessee will recognise a financial liability and right-of-use asset for most leases. Judgemental areas include identifying which contracts are in scope of IFRS 16, the lease term and the discount rate.

Feb 17, 2023 · The IASB has issued narrow-scope amendments to the requirements for sale and leaseback transactions in IFRS 16 explaining how a seller-lessee accounts for a sale and leaseback after the date of the transaction.

Aug 13, 2018 · IFRS 16 is the most widespread change to lease accounting since IFRS was introduced in 2005 and is mandatory from 1 January 2019. Over the last few years we have delivered IFRS 16 implementation projects for large and small companies across multiple sectors.

Jun 14, 2018 · Does the customer have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use ? Who has the right to direct how and for what purpose the asset is used throughout the period of use ? has designed the asset?

IFRS 16 - Leases is changing effective for annual periods beginning on or after 1 January 2019. Are you ready? Leasing is an important financial solution used by many organizations. It enables companies to finance property, plant and equipment without the need to …

IFRS 16 standard deals with leases. It defines accounting requirements for lessees and lessors as well. The accounting model for lessees and lessor is not symmetrical. Lessees have to recognise lease liability reflecting future lease payments and a …

IFRS 16, ‘Leases’ – interaction with other standards At a glance Under IFRS 16, lessees will need to recognise virtually all of their leases on the balance sheet by recording a right of use asset and a lease liability. While this ‘gross up’ in total assets and total liabilities is the most obvious impact of adopting IFRS 16, there are a