Oct 092016
(Second of two parts)
In last week’s article, we discussed how the International Accounting Standards (IAS) Board released the new accounting standard on leases, International Financial Reporting Standards (IFRS) 16, Leases, early this year. We also highlighted that the standard will have an impact on different industries, and perhaps even different companies in the same industry. We focused our discussion on lessees in the retail industry, and talked about the requirements for identifying a leased asset and the considerations for determining the commencement of the lease date. We will now look at the other lessee accounting implications of IFRS 16.