IFRS 16 Leases IFRS Lectures Finance Lease International Counteracting ACCA Exam default

Описание: IN this session, I explain IFRS 16. IFRS 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months. IFRS 16 closed the loophole which allowed corporations to hide certain assets and liabilities off-balance sheet. The IASB published IFRS 16 Leases in January 2016 with an effective date of 1 January 2019.

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The objective of IFRS 16 is to report information that (a) faithfully represents lease transactions and (b) provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. To meet that objective, a lessee should recognise assets and liabilities arising from a lease.

IFRS 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognise a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments.
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