IFRS 16 specifies how an IFRS reporter will recognize, measure, present and disclose #leases. The #standard provides a single lessee #accounting model, requiring #lessees to recognize #assets and #liabilities for all leases unless the lease term is 12 #months or less or the #underlying#asset has a low value. Lessors continue to classify leases as #operating or #finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, #IAS #17.
IFRS 16 was issued in January 2016 and applies to #annual #reporting periods beginning on or after 1 January 2019.
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