Search results
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.
understanding of IFRS 16’s detailed guidance on lease modifications is currently essential, and many lessees have taken advantage of the new practical expedient for rent concessions. This publication provides an overview of IFRS 16’s accounting models for lessees and lessors.
In measuring the lease liability applying paragraphs 36–46 of IFRS 16, Seller-lessee develops an accounting policy for determining ‘lease payments’ in a way that it would not recognise any amount of the gain that relates to the right of use it retains.
IFRS 16 Leases, effective for annual reporting periods beginning on or after 1 January 2019, brought significant changes in accounting requirements for lease accounting, primarily for lessees. IFRS 16 replaced the following suite of standards and interpretations on leases: • IAS 17 Leases (IAS 17); • IFRIC 4 Determining whether an Arrangement
IFRS 16 – An overview: The new normal for lease accounting. Download. Handbook. Core concepts. Ongoing application. Sector-specific. In-depth application guidance on the new leasing standard.
• IFRS 16 Leases requires lessees to put most leases on their balance sheets. • Lessees apply a single accounting model for all leases, with certain exemptions. • For lessors, the accounting is substantially unchanged from the accounting under IAS 17 Leases. • IFRS 16 is effective for annual periods beginning on or after 1 January 2019 ...
IFRS 16 contains both quantitative and qualitative disclosure requirements. The objective of the disclosure requirements is to give a basis for users of financial statements to assess the effect that leases have on the financial statements. Entities should focus on the disclosure objective, not on a fixed checklist.
