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IFRS 16 replaces IAS 17, IFRIC 4, SIC-15 and SIC-27. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases. In May 2020 the Board issued Covid-19-Related Rent Concessions, which amended IFRS 16.
IAS 16 2021 Issued IFRS Standards (Part A) Property, Plant and Equipment. In April 2001 the International Accounting Standards Board (Board) adopted IAS 16 Property, Plant and Equipment, which had originally been issued by the International Accounting Standards Committee in December 1993.
1. The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users [Refer:Conceptual Framework paragraphs 1.2-1.10 and 2.36] of the financial statements can discern information about an entity’s investment in its property, plant and equipment and the changes in such investment.
This BDO IFRS® Accounting Standards In Practice sets out the requirements of IFRS 16 in relation to the classification and measurement of leases, primarily from the perspective of lessees, with a brief overview of the requirements for lessor accounting. The requirements of IFRS 16 in relation to classification
1 IFRS 16 at a glance 1.1 Key facts This publication provides an overview of IFRS 16 and how it affects the financial statements of the lessee and the lessor. It includes examples and insights. The publication begins with an overview of the lessee and lessor accounting models, summarising the impact of IFRS 16 on their respective financial
On 28 May 2020, the IASB issued amendments to IFRS 16, which provide relief for lessees in accounting for rent concessions granted as a direct consequence of COVID-19 and resulted in reduced lease payments originally due on or before 30 June 2021.
We have been releasing our in-depth application guidance on IFRS 16 Leases in manageable chunks, one chapter at a time. Each one focuses on a particular aspect and includes explanations of the requirements and examples showing them in practice, to help you apply the new standard.
