IFRS

Major reforms to global lease accounting

IFRS News Special Edition February 2016. The IASB has published IFRS 16 ‘Leases’ completing its long-running project on lease accounting.

This special edition of IFRS News explains the key features of the new Standard and provides practical insights into its application and impact.

The IASB has published IFRS 16 ‘Leases’, completing its long-running project to overhaul lease accounting. IFRS 16 will require lessees to account for leases ‘on-balance sheet’ by recognising a ‘right-of-use’ asset and a lease liability. For many businesses, however, exemptions for short-term leases and leases of low value assets will greatly reduce the impact.

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