BDO Issues New IFRS in Practice - IFRS 16 Leases

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BDO is pleased to announce the publication of its latest IFRS in Practice – IFRS 16 Leases

This BDO IFRS In Practice details the requirements of IFRS 16 Leases and includes numerous practical examples.

In January 2016 the IASB published IFRS 16 Leases, which is effective for accounting periods beginning on or after 1 January 2019. Early adoption is permitted, but only if IFRS 15 Revenue from Contracts with Customers has also been adopted.  IFRS 16 brings significant changes in accounting requirements for lease accounting, primarily for lessees, resulting in lease liabilities and right-of-use assets being recognised on balance sheet for lease contracts currently classified as operating leases. Entities applying IFRS will also need to pay careful attention to whether wider service contracts contain lease components.  IFRS 16 has been developed to replace the existing suite of standards and interpretations on leases, notably IAS 17 Leases.

Please click here to access the new publication and the full library of BDO’s IFRS in Practice publications.

Here is the latest edition of BDO’s “IFRS Need to Know” publications, which includes details of the changes described above, as well as other changes.

For up-to-date news on IFRS check BDO’s IFRS information page by clicking here.