IFRS 16 Lease Accounting
How to comply with the IASB IFRS 16
lease accounting changes while also driving savings
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Overview of IFRS 16
The first effective dates for the new international lease accounting standard, IFRS 16, were in January 2019. The standard requires that all leases now be reported as finance leases unless the lease term is less than 12 months or the value of the lease is less than US$5000. The on-balance sheet requirement of the new standard is creating a huge implementation challenge for many companies. The challenge is exacerbated for companies with large equipment leasing portfolios because equipment leasing programs are typically decentralized, making it difficult to track down the data needed to comply with the new standards.
To learn more about IFRS 16, the effects the standards will have on your business, how to staff and budget for the implementation project, and what to look for in lease accounting software, visit our lease accounting page.