The pro forma financial information is the responsibility of the Group’s Board of directors and is presented for illustration purposes onlyand because of its nature, the This webinar for the fourth quarter of 2020 is part of our IFRS webinar series and provides you with the latest updates on issues of relevance, including key changes to IFRS and Canadian securities legislation. The IASB published IFRS 16 Leases in January 2016 with an effective date of 1 January 2019. This alert highlights the basic requirements of the new standard, considers possible business implications and suggests an action plan to implement the new standard. Learn more » Lease Management Take control of every lease across any asset type. IN9 IFRS 16 completes the IASB’s project to improve the financial reporting of leases. In January 2016, the International Accounting Standards Board (IASB) published a new standard, IFRS 16 Leases, that sets out the principles for the recognition, measurement, presentation and disclosure of leases.. 4. 13. IFRS 16 Leases × Show Sections. © 2020 LeaseAccelerator, Inc. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). International financial reporting standards (IFRS) Discover a wealth of education, information and resources related to international financial reporting standards. Each one focuses on a particular aspect and includes explanations of the requirements and examples showing them in practice, to help you apply the new standard. Learn more » Products. Hence, the new leases standard will significantly impact lease accounting for lessees. Paragraph 8.7 of the Handbook states that before an agenda decision is published, the Board is asked (at its first meeting where it is practicable to discuss the agenda decision), whether it objects to the agenda decision, specifically, whether it objects to the Committee’s decision not to undertake standard-setting activity. The impact of IFRS 16 as shown in this presentation is considered pro forma financial information as per the JSE Listing Requirements. Nonpublic entities in the United States may therefore decide not to take advantage of the one year deferral offered by ASC 842 if they are also IFRS preparers. Preface to the CPA Canada Handbook - Accounting (Part II) Accounting Standards for Private Enterprises . This refinement was considered necessary as the changes to ‘off-balance sheet’ operating leases for lessee accounting created a greater need for distinguishing a lease from a service contract. IFRS 16 Lease Accounting Handbook 5 The IASB also considers leases to be debt, so debt to equity ratios may see a dramatic increase, which could impact debt covenants not covered by frozen GAAP contractual provisions as well as credit ratings, if the lease liability recognition resulting from the adoption of IFRS 16 is significantly different from analysts’ expectations . IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets (right-of-use) and liabilities for All leases with a term of more than 12 months ( unless the underlying asset is of low value ). Dealing with areas of judgement 16 Secton 5 Clarifying amendments made April 2016 20 Identifying performance obligations 20 Principal vs agent considerations 22 Licensing3 2 Section 6 Case study illustrating the requirements 24 How can RSM help? IFRS 16 ‐Leases. IFRS 16 Leases 2 This communication contains a general overview of the topic and is current as of February 8, 2017. LeaseAccelerator is a Registered Trademark of LeaseAccelerator. Search. INTRODUCTION In May 2014, the International Accounting Standards Board (IASB) published IFRS 15 which replaces IAS 18 Revenue, IAS 11 … Applicability. £ 58.00 View details Objective To establish principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. Michiel van der Lof. %PDF-1.7 %���� The asset represents a right-of-use (ROU) asset for a period of time and the obligation represents the payments required under the lease agreements. IFRS 15 will improve comparability of reported revenue over a range of industries, companies and geographical areas globally. EY Global IFRS Services Leader. Inception date of lease: The earlier of lease agreement and the date of commitment by the parties. Key IFRS 16 Definition. Latest edition: Our in-depth guide provides interpretive guidance for before, during and after Chapter 11 bankruptcy. Quick links . IFRS 16 — Leases: 13 Jan 2016: 01 Jan 2019: IFRS 17 — Insurance Contracts: 18 May 2017: 01 Jan 2023: Note: The table above lists the most recent version(s) of each pronouncement and the date each version was originally issued. How to comply with the IASB IFRS 16 lease accounting changes, while also driving savings. IFRS technical resources has all the technical guidance, latest thinking and tools from EY financial reporting professionals. Further guidance will be available in future in relation to such lease arrangements. Standard Estimation Model Sensitivity Analysis Simulation of Accounting standards transformation Standards comparison Calculating financial data Full aware of Impact. Apply filters to narrow your results for publications, CPA Magazine articles, courses, webinars, blogs and more. The exemption is not mandatory and applies only when the Covid 19-related rent concession does not extend beyond 30 June 2021. IFRS Foundation Customer Service Columbus Building 7 Westferry Circus Canary Wharf London E14 4HD United Kingdom. From 1 January 2019, IFRS 16 Leases will apply along with a new Interpretation on uncertain tax positions. 0 results. Subscribe. We provide detailed Q&As, examples and observations, as well as comparisons to legacy US GAAP, updated for continuing developments in practice. IFRS 16 applied to MTN Group Pre capital markets day workshop to sell-side analysts 24 May 2019 Hosted by Ralph Mupita Group CFO. A comprehensive guide to the IASB IFRS 16 standard. Download our IFRS 16/ASC 842 new leasing standard handbook. Home | Leases. Identification des obligations de prestation . IFRS 16 applies from 1 April 2020 but there is work to do now to prepare. Leases. New! Main features Lessee accounting IN10 HKFRS 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. Latest edition: Side-by-side comparison of IFRS Standards and US GAAP. Manual of Accounting IFRS … Lease Sourcing Transform the way you lease from the start. At first sight, the definition looks straightforward. IFRS 16 is effective January 1, 2019 for all calendar-year companies, similar to ASC 842 for calendar-year public business entities. New products. The Annotated IFRS® Standards–Standards Issued at 1 January 2020 (Bound Volume) Amendments to IFRS 17. In view of the resurgence of locally transmitted COVID-19 cases, the Hong Kong Institute of Certified Public Accountants announced, from Wednesday, 2 December 2020 onwards, to close the library facilities, whilst counter service hours remain normal. IFRS 1 contains all of the transitional recognition, measurement, presentation and disclosure requirements applicable for a first- time adopter preparing its first annual and interim financial statements in accordance with IFRS. IFRS 16 is amended to provide lessees who have received rent concessions as a direct consequence of the Covid 19 pandemic from with an exemption from the requirement to assess whether the concession is a lease modification. The Board met remotely on 14–16 December 2020. This supplement focuses on the disclosure requirements in IFRS 16 . IFRS 16: Leases Implementation guidance: NHS providers September 2019 This document has been prepared to assist you with what you need to do for the implementation of IFRS 16. The attached IFRS 16 In-depth publication includes detail discussions of the new lease accounting requirements for lessees' and lessors. Pre-order. The other logos (brand identities) presented on this website are property of their respective owners. Contents. You must attend the live course to receive verifiable CPD hours. In May 2020, following an accelerated due process, the International Accounting Standards Board (IASB) published an amendment to International Financial Reporting Standard (IFRS) 16 (Covid-19-related rent concessions – Amendment to IFRS 16) which provides practical relief to lessees in accounting for rent concessions granted due to Covid-19.This amendment is effective for reporting … The results of the Bulgarian CEO Survey 2019, part of the 22nc annual PwC's CEO survey. . The standard provides a single lessee accounting model, requiring the recognition of assets and liabilities for all leases, unless the lease term is 12 months or less or the underlying asset has a low value. IFRS.1 Australia, New Zealand and Israel have essentially adopted IFRS as their national standards.2 Brazil started using IFRS in 2010. We are releasing our in-depth application guidance on IFRS 16 Leases in manageable chunks, one chapter at a time. IFRS 15 Produits des activités ordinaires tirés de contrats conclus avec des clients : Réponses à vos questions. Japan is working to achieve convergence of IFRS and began permitting certain qualifying Notice Updated arrangement for library facilities and counter services. Forgot your User ID or Password? Sort by . IFRS 16 - Leases ; IAS 28 - Investments in associates and joint ventures ; IAS 36 - Impairment of assets ; Accounting Standards - Canadian . Contract – An agreement between two or more parties that creates enforceable rights and obligations. The PCs have a useful life of 5 years. We recommend you join five minutes prior to the scheduled starting time. Subscribe to our newsletter. Early application is permitted for entities that apply IFRS 15 Revenue from Contracts with Customers at or before the date of initial application of IFRS 16. Handbook: Fair value measurement (IFRS compared to US GAAP) Handbook: Cares Act (IFRS compared to US GAAP) IFRS Institute for more in-depth analysis, examples and insights on IFRS Standards. View all. The IASB is expected to issue the final amendments to IFRS 16 by the end of May 2020. Early adoption is permitted. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. Major Publication Bundle. Further along the horizon IFRS 17 Insurance Contracts, which was published this year, is effective from 1 January 2021. IFRS 16 Leases was issued by the IASB in January 2016. Table 3 – IPSAS and Equivalent IFRS—Detail IPSAS IFRS Status Main Public Sector Differences Relevant IFRS Amendments not yet Considered Construction Contracts IPSAS 11 (July 2001) IAS 11 (Revised … › IFRS 16 – Leases handbook. This publication, however does not deal with accounting for land leases in PNG including those under state leases. Expatriate Handbook for Bulgaria 2019. 26. This alert highlights the basic requirements of the new standard, considers possible business implications and suggests an action plan to implement the new standard. The IASB published IFRS 16 Leases in January 2016 with an effective date of 1 January 2019. This guide is for providers; a similar guide is being issued for commissioners. Whereas, under the previous guidance in IAS 17, Leases, a lessee had to make a Latest. IFRS 16 is effective for annual reporting periods beginning on or after 1 January 2019. IFRS 16 defines a lease as a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. Handbook/Analysis: Per the Handbook, IFRS 16 requires leases be recognized as an asset with a related lease obligation. Latest edition: In this handbook, KPMG explains the new leases standard (ASC 842) in detail. first-time adopter of IFRS. … Viewpoints: Impairment considerations in the cannabis industry. Welcome to EY.com. Solutions. Nonpublic entities in the United States may therefore decide not to take advantage of the one year deferral offered by ASC 842 if they are also IFRS preparers. Expatriate Handbook for Bulgaria 2018 . At a glance In January 2016 the International Accounting Standards Board (IASB) issued IFRS 16, ‘Leases’, and thereby started a new era of lease accounting – at least for lessees! IFRS 16 specifies how to recognize, measure, present and disclose leases. Facing new challenges 1 Overview2 1 Step 1 – Identify the contract with a customer 3 1.1 Criteria to determine whether a contract exists3 1.2 Contract term 14 1.3 Consideration received before a contract exists17 Leo van der Tas. IFRS 16 requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months and for which the underlying asset is not of low value. In January 2016, the International Accounting Standards Board (IASB) published a new standard, IFRS 16 Leases, that sets out the principles for the recognition, measurement, presentation and disclosure of leases.. EY Asia Pacific IFRS Leader. Key IFRS 16 Definition. This IASB Update highlights preliminary decisions of the International Accounting Standards Board (Board).The Board's final decisions on IFRS ® Standards, Amendments and IFRIC ® Interpretations are formally balloted as set out in the Due Process Handbook of the IFRS Foundation and the IFRS Interpretation Committee.. EY EMEIA IFRS Leader. IFRS 16 sets out a comprehensive model for the identification of lease arrangements Mexico will require adoption of IFRS for all listed entities starting in 2012. This CPA Ontario course is a live webinar. The IASB is expected to issue the final amendments to IFRS 16 by the end of May 2020. The information contained in this document has not been verified independently. It can be applied before that date by entities that also apply IFRS 15 Revenue from Contracts with Customers. Lessors, however, continue to classify leases as operating or finance, with IFRS 16’s IFRS 16 . IFRS 16 vs. ASC 842: Differences and Considerations . Participants would benefit from pre-reading the most recent edition of IFRS 16 contained in the CPA Handbook – Accounting Part I. The new standard requires lessees to recognise nearly all leases on the balance sheet which will reflect their right to use an asset for a period of time and the associated liability for payments. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions IFRS 15 Revenue from Contracts with Customers 2 Defined terms IFRS 15 defines the following terms that form an integral part of this IFRS. •Today IFRS 16 –from Lessee’s perspective, capitalize all leases except short term and immaterial leases. IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets (right-of-use) and liabilities for All leases with a term of more than 12 months ( unless the underlying asset is of low value ). Learn more » Lease Accounting Ensure audit-ready sustainable compliance with a true subledger. �k���,��8 ׮�˗G4=R^Oy5S�v�;�]+V����&�)H.��|2=�/] -"WrrZy6�p�4_�tr���&��8;Ϡ���D���#J����#t)�\2����z��O���ַ����o2*�N��&s�U�%���2 �/S�.��υ/ ���w*�3KJ����qT�3?�G4O�:��кC[���*�ck7�`K*��m��g�����Sc�7ٟg�C���uDA�my�Ɵ�sW���͐ ���[�v8�=4�>�=�Ɛ�aP9.-�g_�#�]ʧ9P]�8�U�Φ���23��U8����������)�u5�4/�#$H��OoZ4��@.�.��Ϸ��mA���#1a��*F��-{���X1Ð��>J�q� "��>�f�9��p쒪�5Quܒ�U��> ������?��:��n��_#��c��G��>q֩h���b��M�[cA�:fts��Yn�jY��m��|����K(�0`q�J��C)�K�LgU7������ϭ� ��>pY^$��u�Fݹ�w�����{�[a�G�vԚk��Y_Q����f��Vnz`s�g%[����s�'`��;p��X`�$�T��� ���*�R�ʋ�� ��c$��?��]��Hi>0��cl���T��vl��-Vd����2���ɣ��U��Z�t�"(y�����Ǹ^-���ԧ�g�b��>�1&��� ��ͅ��^�����h--� Gs�4��FR������wr@J]uI���. Your #1 Resource for Lease Accounting News & Information. IFRS 16 requires such leases to be recognised on the balance sheet similar to finance leases. IAS 17 was criticized for its lack of transparency of a lessee’s financial leverage and capital employed. Latest. Accounting Standards - Canadian. Lease Accounting.com is an industry-focused website providing news and information curated from standards boards, industry associations, accounting firms and technology vendors for up-to-date resources in one place. This will have significant impact on the financial statements of these businesses. IFRS 16 is effective for annual periods beginning on or after 1 January 2019. Download the handbook to get: a summary of the IFRS 16 rules; the data and documents you will need to collect; required lease accounting software changes; and real-world accounting examples. Revisions to the IFRS Foundation’s Due Process Handbook 3 . 8 IFRS 16 Lease Accounting Handbook SECTION 1 | KEY PROVISIONS & CHANGES IN DIRECTION EXHIBIT 2 | LEASE ACCOUNTING: A REAL-WORLD EXAMPLE Below is an example of lessee accounting under the IFRS 16 standard and contrast to the previous IAS 17 standard. June 2019 home.kpmg/ifrs. Click through to our page for each pronouncement for a full history. General disclosure objective: IFRS 16.51, 89: IFRS 16 contains both quantitative and qualitative disclosure requirements. Sort by: Latest Close. IN9 IFRS 16 completes the IASB’s project to improve the financial reporting of leases. IFRS Foundation publishes educational material on climate-related matters On November 20, the IFRS Foundation published educational material to illustrate how existing IFRS requires companies to consider climate-related matters when they are material to the financial statements. Clare Wong. IFRS 16 largely retains the definition of a lease in IAS 17 but changes the requirements and guidance on how to apply the definition. A first-time adopter does not apply the transitional requirements of individual standards or interpretations unless specifically required to do so. This IASB Update highlights preliminary decisions of the International Accounting Standards Board (Board).The Board's final decisions on IFRS ® Standards, Amendments and IFRIC ® Interpretations are formally balloted as set out in the Due Process Handbook of the ® Standards, Amendments and IFRIC ® Interpretations are formally balloted as set out in This IASB Update highlights preliminary decisions of the International Accounting Standards Board (Board).The Board's final decisions on IFRS ® Standards, Amendments and IFRIC ® Interpretations are formally balloted as set out in the Due Process Handbook of the IFRS Foundation and the IFRS Interpretation Committee. The new standard requires lessees to recognise nearly all leases on the balance sheet which will reflect their right to use an asset for a period of time and the associated liability for payments. Relevance. Phone: +44 (0) 20 7332 2730 Fax: +44 (0) 20 7332 2749 email: publications@ifrs.org. financial and operational leases, IFRS 16 no longer makes this distinction and all leases in principle will become “on balance sheet” of the lessee. The new accounting standard for leases (IFRS 16 - "Leases)" becomes applicable for reporting periods beginning on or after 1 January 2019. Obligation to report aggressive tax arrangements to the tax administration. IFRS 16 ‐Leases Guy Thomas, CPA, CA Nick Miller, CPA Mark Weston, CPA, CA, CBV Catherine Tai, CPA, CGA. Canada adopted IFRS, in full, on Jan. 1, 2011. 7549 0 obj <>stream In terms of transition, IFRS 16 broadly provides lessees with a choice between two methods: Bulgarian CEO Survey 2019. The IFRS 16 Handbook Learn how to comply with the IASB IFRS 16 lease accounting changes while also driving savings. A company leases several general-use PCs for three years. Main features Lessee accounting IN10 HKFRS 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of … Copyright 2000-2020 LeaseAccelerator, Inc. All rights reserved. The AcSB expects to complete its endorsement process of the final IASB amendments and incorporate the amendments into Part I of the CPA Canada Handbook – Accounting on July 1, 2020. There is more to come. IFRS 16 is effective January 1, 2019 for all calendar-year companies, similar to ASC 842 for calendar-year public business entities. 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