IFRS 16 Leases
E453765
IFRS 16 Leases is an International Financial Reporting Standard that overhauled lease accounting by requiring lessees to recognize most leases on the balance sheet as right-of-use assets and lease liabilities.
Statements (56)
| Predicate | Object |
|---|---|
| instanceOf | International Financial Reporting Standard ⓘ |
| allowsMeasurementBasisForRightOfUseAsset |
fair value model for investment property under IAS 40
ⓘ
revaluation model ⓘ |
| appliesTo |
lessees
ⓘ
lessors ⓘ |
| basedOnConcept | control of the right to use an identified asset ⓘ |
| defines |
incremental borrowing rate
ⓘ
lease ⓘ lease modification ⓘ lease payments ⓘ lease term ⓘ right-of-use asset ⓘ |
| earlyApplicationPermitted | true ⓘ |
| effectiveDate | 2019-01-01 ⓘ |
| effectiveForPeriodsBeginningOnOrAfter | 2019-01-01 ⓘ |
| eliminatesForLessees | operating lease classification ⓘ |
| governs | presentation of lease-related assets and liabilities in financial statements ⓘ |
| issuedBy |
IASB
NERFINISHED
ⓘ
International Accounting Standards Board NERFINISHED ⓘ |
| jurisdiction | international ⓘ |
| lesseeAccountingModel | single on-balance sheet model ⓘ |
| measurementBasisForLeaseLiability | present value of lease payments ⓘ |
| measurementBasisForRightOfUseAsset | cost model ⓘ |
| objective | to ensure that lessees and lessors provide relevant information that faithfully represents lease transactions ⓘ |
| relatedToStandard |
IAS 36 Impairment of Assets
NERFINISHED
ⓘ
IAS 37 Provisions, Contingent Liabilities and Contingent Assets NERFINISHED ⓘ IAS 40 Investment Property NERFINISHED ⓘ IFRS 15 Revenue from Contracts with Customers NERFINISHED ⓘ |
| replaces |
IAS 17 Leases
NERFINISHED
ⓘ
IFRIC 4 Determining whether an Arrangement contains a Lease NERFINISHED ⓘ SIC-15 Operating Leases—Incentives NERFINISHED ⓘ SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease NERFINISHED ⓘ |
| requiresDisclosureOf |
additions to right-of-use assets
ⓘ
carrying amount of right-of-use assets by class of underlying asset ⓘ expense relating to leases of low-value assets ⓘ expense relating to short-term leases ⓘ maturity analysis of lease liabilities ⓘ variable lease payments not included in lease liabilities ⓘ |
| requiresRecognitionOf |
lease liabilities
ⓘ
right-of-use assets ⓘ |
| retainsForLessors |
finance lease classification
ⓘ
operating lease classification ⓘ |
| scopeExemption |
leases of biological assets within the scope of IAS 41
ⓘ
leases of low-value assets ⓘ leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources ⓘ licences of intellectual property within the scope of IFRS 15 ⓘ rights held by a lessee under licensing agreements within the scope of IAS 38 ⓘ service concession arrangements within the scope of IFRIC 12 ⓘ short-term leases ⓘ |
| shortName | IFRS 16 NERFINISHED ⓘ |
| standardSetter | IFRS Foundation NERFINISHED ⓘ |
| status | in force ⓘ |
| title | Leases ⓘ |
| topic | lease accounting ⓘ |
| transitionApproach |
full retrospective approach
ⓘ
modified retrospective approach ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.