12/10/2023 0 Comments Lease versus finance calculatorInstead of applying the recognition requirements of IFRS 16 described below, a lessee may elect to account for lease payments as an expense on a straight-line basis over the lease term or another systematic basis for the following two types of leases: rights held by a lessee under licensing agreements for items such as films, videos, plays, manuscripts, patents and copyrights within the scope of IAS 38 Intangible AssetsĪ lessee can elect to apply IFRS 16 to leases of intangible assets, other than those items listed above.licences of intellectual property granted by a lessor (see IFRS 15 Revenue from Contracts with Customers) and.service concession arrangements (see IFRIC 12 Service Concession Arrangements).leases of biological assets held by a lessee (see IAS 41 Agriculture).leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources.IFRS 16 Leases applies to all leases, including subleases, except for: IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases, with the objective of ensuring that lessees and lessors provide relevant information that faithfully represents those transactions. SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease.IFRIC 4 Determining whether an Arrangement contains a Lease.IFRS 16 replaces the following standards and interpretations: IFRS 16 and COVID-19 - Extension of practical expedient.IFRS 16 - Lease liability in a sale and leaseback. Click for more informationĮffective for annual periods beginning on or after 1 January 2022Īmended by Covid-19-Related Rent Concessions (Amendment to IFRS 16)Įffective for annual periods beginning on or after 1 June 2020Īmended by Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)Įffective for annual periods beginning on or after 1 January 2021Īmended by Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)Įffective for annual periods beginning on or after 1 April 2021Īmended by Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)Īmendments under consideration by the IASB IASB/FASB announce intention to re-expose proposalsĮD originally expected in first half of 2012Įxposure Draft ED/2013/6 Leases publishedĮffective for annual periods beginning on or after 1 January 2019Īmended by Annual Improvements to IFRS Standards 2018–2020 (lease incentives illustrative example). IFRS 16 was issued in January 2016 and applies to annual reporting periods beginning on or after 1 January 2019.ĭiscussion Paper DP/2009/1 Leases: Preliminary Views publishedĮxposure Draft ED/2010/9 Leases published Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases.
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