New leases standard – measuring the lease asset

As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. We’ve already discussed some of the issues arising in identifying at inception of a contract whether that contract is a lease, or contains a lease, in determining the lease term, and in measuring the lease…

New leases standard – measuring the lease liability, part two

As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. Last time we discussed some of the issues relating to initially measuring the lease liability. This is what it says about subsequent measurement: After the commencement date, a lessee shall measure the…

New leases standard – measuring the lease liability, part one

As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. We’ve already discussed some of the issues arising in identifying at inception of a contract whether that contract is a lease, or contains a lease and in determining the lease term, as well as the standard’s major…

New leases standard – determining the lease term

As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. We’ve already discussed some of the issues attaching to the first step in the new standard’s lease accounting model, to identify at inception of a contract whether that contract is a lease,…

New leases standard – the big scope exemption

As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. We’ve already discussed some of the issues attaching to the first step in the new standard’s lease accounting model, to identify at inception of a contract whether that contract is a lease,…

New leases standard – making the transition, part 2

As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. We’ve already covered in various posts the main aspects of the accounting model for lessees, and last time we looked at some of the mechanics of making the transition to the new…

New leases standard – identifying a lease, part 2

As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. We’ve already discussed some of the issues attaching to the first step in the new standard’s lease accounting model, to identify at inception of a contract whether that contract is a lease,…

New leases standard – identifying a lease, part 1

As we discussed here, the IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. Here’s the summary of the approach to lessee accounting: “IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term…

The leasing standard – they actually issued it!

The IASB has issued IFRS 16 Leases, effective for annual reporting periods beginning on or after January 1, 2019. Here’s an extract from the news release: (IFRS 16) replaces accounting requirements introduced more than 30 years ago that are no longer considered fit for purpose and is a major revision of the way in which…

IFRS touches the clouds!

How the standards do and don’t address an emerging area of practice It’s often interesting when the standards have to be applied to a fact situation that didn’t exist, and wouldn’t reasonably have been foreseen, at the time they were developed. The Canadian IFRS Discussion Group recently addressed such a case – the accounting implications…