“On February 25, 2016, the FASB issued the new standard, Leases (ASC 842). There are elements of the new standard that could impact almost all entities to some extent, although lessees will likely see the most significant changes. Lessees will need to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability.”

ASC 842 Full Report published by John Bishop, Chad Soares and Ashima Jain of PricewaterhouseCoopers LLP.

“The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, ie the customer (‘lessee’) and the supplier (‘lessor’).

IFRS 16 is effective from 1 January 2019. A company can choose to apply IFRS 16 before that date but only if it also applies IFRS 15 Revenue from Contracts with Customers. IFRS 16 completes the IASB’s project to improve the financial reporting of leases.

IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations.”

IFRS-16 Full Report published by IFRS Foundation.

 

2017-05-28T19:52:13+00:00