IFRS 16 Leases – Lesson 1
IFRS 16 replaces the current leasing standard IAS 17, and becomes effective for entities reporting on 31 December 2019 or later. Most people are aware that it results in operating leases coming onto the balance sheet for the first time, however there are a lot of mis-conceptions.
Claire Dean one of Quorum’s principle trainers for IFRS, a chartered accountant for over 25 years specialising in International Financial Reporting Standards since 2003 when the EU first began preparing its introduction has broken down this standard into 5 modules covering this topic.
In our first lesson we will introduce IFRS16, first discussing the effective date, before exploring its key principles and the transitional rules on first-time adoption.