This requirement can be seen as a compromise, clearly set out in the Basis for Conclusions of IFRS 16: on the one hand, the IASB believes that a regular reassessment of the lease term would provide more relevant information to users of the financial statements; on the other hand, the IASB International Financial Reporting Standards (IFRSs), Recognition exemptions (paragraphs B3-B8) (paras. BC145-BC146), Initial measurement of the right-of-use asset (paragraphs 23-25) (paras. BC217), Maturity analysis (paragraph 58) (paras. Request a non-obligation demo to find out! Additional information. systematic basis if that basis is more representative of the pattern of the lessee’s benefit. Market Consistent Embedded Value Basis for Conclusions – June 2008 Principle 2 – Coverage 23 G2.1, 2.2 & 2.3 – Companies currently apply MCEV methods to a wide variety of businesses Individual Board members gave greater weight to some factors than to others. Basis for Conclusions Exposure Draft ED/2011/6 A revision of ED/2010/6 Revenue from Contracts with Customers Revenue from Contracts with Customers Comments to be received by 13 March 2012 1. BC3-BC4), The approach to lease accounting (paras. BC224-BC227), Presentation of lessee disclosures in the notes to the financial statements (paragraphs 52 and 54) (para. 7 If a lessee accounts for short-term leases applying paragraph 6, the lessee shall consider the lease to be a new lease for the purposes of this Standard if: BC299-BC302), Comparison with FASB decisions (para. 30. BC130-BC132), Separating components of a contract (paragraphs 12-17 and B32-B33) (paras. Proponents of this view note that IFRS 16 does not provide an explicit quantification for what is a low-value asset. BC57-BC66), Scope (paragraphs 3-4) (paras. BC275-BC288), Lessors (paragraphs C14-C15) (paras. BC295-BC302), Business combinations (paras. IFRS 3, IFRS 4, IFRS 7, IFRS 9, IFRS 13, IFRS 15, IFRIC 1, IFRIC 12, SIC-29 and SIC-32 are amended in accordance with IFRS 16 as set out in the Annex to this Regulation. BC304-BC307), Recognition exemption for leases of low-value assets (para. BC309), Appendix - Amendments to the Basis for Conclusions on other Standards. In terms of the determination of the discount rate, IFRS 16 Basis for Conclusions 160 notes that: “The IASB’s objective in specifying the discount rate to apply to a … The basis for conclusions to the amendments notes that a … BC1) Background (paragraphs 1–3) (paras. IFRS 16 Leases In April 2001 the International Accounting Standards Board (Board) adopted IAS 17 Leases, which had originally been issued by the International Accounting Standards Committee (IASC) in December 1997. To subscribe to this content, simply call 0800 231 5199. Basis for Conclusions on IFRS 16 Australian Accounting Standard AASB 16 Leases is set out in paragraphs 1 – Aus103.1 and Appendices A – D. All the paragraphs have equal authority. Therefore, the Appendix B Amendments to IFRS 1 and to other Interpretations IFRIC 12: Information Notes IFRIC 12: Illustrative Examples IFRIC 12: Basis for Conclusions Introduction (para. Although the Basis for Conclusions on IFRS 16 mentions that the IASB had in mind a magnitude of US$5,000 or less, this amount is not considered a bright-line test. Basis For Conclusions On IFRS 16 Materiality :Many lessees expressed concerns about the costs of applying the requirements in IFRS 16 to leases that are large in number but low in value, particularly when the aggregate value of those leases would have little effect on the financial statements as a whole. Consistently with the conclusions in IFRIC 12, any arrangement within its scope does not meet the definition of a lease. If the customer controls the use of an identified asset for a period of time, then the contract contains a lease. The maximum number of documents that can be ed at once is 1000. BC35-BC40), The lessee accounting model (paras. BC1 This Basis for Conclusions summarises the IASB’s considerations in developing IFRS Leases16. Ar ticle 2 BC87-BC104), Leases of low-value assets (paras. BC141-BC144), Measurement: lessee (paragraphs 23-46B) (paras. BC200-BC205G), Presentation: lessee (paragraphs 47-50) (paras. Paragraphs in bold type state the main principles. BC1-BC2) Overview (paras BC292-BC294), Consequential amendments (paras. BC105-BC140), Definition of a lease (paragraphs 9-11) (paras. Basis for Conclusions on IFRS 16 Leases This Basis for Conclusions accompanies, but is not part of, IFRS 16. This basis for conclusions accompanies, but is not part of, this Standard. Amendments to IFRS 15 Revenue from Contracts with Customers Paragraphs 26, 27 and 29 are amended. IFRS FOR SMES BASIS FOR CONCLUSIONS — JULY 2009© IASCF 7 (e) May an entity using IASB standards for SMEs elect to follow a treatment permitted in an IFRS that differs from the treatment in the related IASB standard for Approval by the Board of IFRS 16 Leases issued in January 2016 Approval by the Board of Covid-19-Related Rent Concessions issued in May 2020 IFRS 16: Basis for Conclusions Introduction (paras. BC267A-BC267J), Effective date and early application (paragraph C1) (paras. It is intended to provide context for the Board’s decision at the time that it was made. Basis for conclusions This basis for conclusions gives the Accounting Standards Board’s (the Board’s) reasons for accepting or rejecting certain proposals related to the accounting for financial instruments. BC260-BC267J), Gain or loss on a sale and leaseback (paras. The staff believes there are three options the Board could consider in aligning the (paras. Sitzung IFRS-FA vom It This basis for conclusions summarizes the Board’s considerations in reaching the conclusions in Topic 842, Leases. The Standard and the Basis for Conclusions do not elaborate on this definition. BC231-BC240A), Initial direct costs (paragraphs 69 and 83) (para. IAS 17 Leases replaced IAS 17 Accounting for Leases that was issued in BC22-BC34), Rights and obligations arising from a lease that create assets and liabilities for the lessor (paras. Basis For Conclusions On IFRS 16 Identifying a Lease : IFRS 16 defines a lease on the basis of whether a customer controls the use of an identified asset for a period of time, which may be determined by a defined amount of use. basis over the lease term or another systematic basis. Basis For Conclusions On IFRS 16 Materiality. BC105-BC126), Combination of contracts (paragraph B2) (paras. BCZ241-BCZ250), Land element in long-term leases (paras. BC173A-BC173B), Subsequent measurement of the right-of-use asset (paragraphs 29-35) (paras. It summarises the considerations of the International Accounting Standards Board (the Board) in developing BC67-BC81), Service concession arrangements (para. IASB website. Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) (August 2020) proposes amendments to this standard with effect for annual reporting periods beginning on or after 1 January 2021. The BC notes that the 7 BC215-BC216), Disclosures about right-of-use assets, and expenses and cash flows related to leases (paragraph 53) (para. 5 IFRS 16, Basis for Conclusions paragraph BC100. Or book a demo to see this product in action. Deleted text is struck through and new text is underlined. BC273-BC294)), Definition of a lease (paragraphs C3-C4) (paras. BC252), Information about residual asset risk (paragraph 92(b)) (paras. Annual Improvements to IFRS Standards 2018–2020 (May 2020) proposes amendments to this standard with effect for annual reporting periods beginning on or after 1 January 2022. The right-of-use asset is treated similarly to other non-fi­nan­cial assets and de­pre­ci­ated ac­cord­ingly and the liability accrues interest. 1 Leases | A guide to IFRS 16. Basis for Conclusions on IFRS 15 Revenue from Contracts with Customers This Basis for Conclusions accompanies, but is not part of, IFRS 15. BC212-BC230), Overall disclosure objective (paragraph 51) (paras. Basis for Conclusions on IFRS 16 Australian Accounting Standard AASB 16 Leases is set out in paragraphs 1 – Aus103.1 and Appendices A – D. All the paragraphs have equal authority. in January 2016. BC303-BC310), Lessee accounting model (paras. 18-21), Sale and leaseback transactions (paras. BC253-BC255), Information about assets subject to operating leases (paragraphs 95-96) (para. Previous Section Next Section . Contents Executive summary 3 Dealing with transition 5 Detailed guide 9 Appendices Annual Improvements to IFRS Standards 2018–2020(May 2020) proposes amendments to this standard with effect for annual reporting periods beginning on or after 1 January 2022. References to the Framework are to IASC’s Framework for the Preparation and Presentation of Financial Statements , adopted by the IASB in 2001. Earlier application is permitted if IFRS 15 Revenue from Contracts with Customers has also been applied. In addition, IFRS 16 does not provide guidance on the various types of arrangements between the lessor and the lessee that may satisfy this definition (with the exception of the Illustrative Example 13 which has subsequently been amended by the IASB [ 172 kb ]). BC256), Maturity analyses (paragraphs 94 and 97) (paras. 9-17), Lease term (paragraphs B34-B41) (paras. Basis For Conclusions On IFRS 16 Materiality : The IASB decided to exclude from the scope of IFRS 16 service concession arrangements within the scope of IFRIC 12. 104-106), Approval by the Board of IFRS 16 Leases issued in January 2016, Approval by the Board of Covid-19-Related Rent Concessions issued in May 2020, Why the need to change previous accounting? 5-8), Identifying a lease (paragraphs B9-B33) (paras. Covid-19-Related Rent Concessions (Amendment to IFRS 16) (May 2020) amended this standard with effect for annual periods beginning on or after 1 June 2020. Paragraph BC100 in the Basis for Conclusions on IFRS 16 does indicate that when the IASB decided on the exemption, it had in mind leases of underlying assets with a value, when new, in the order of magnitude of US$5,000 or less. Basis for Conclusions to IFRS 16 explain that, when developing the exemption for low-value assets, IASB had in mind leases of underlying assets with a value, when new, in the order of magnitude of US$5,000 or less (IFRS 16.BC100). BC2-BC8) BC251-BC259), Table of income (paragraphs 90-91) (para. BCZ248), Exception to the requirement to separate the land and buildings elements (paras. BCZ245-BCZ247), Impracticability of split between land and buildings (para. BC273-BC274), Lessees (paragraphs C5-C13) (paras. BC3 - BC4, The approach to lease accounting BC19 - BC21, Rights and obligations arising from a lease that create assets and liabilities for the lessee BC22 - BC34, Rights and obligations arising from a lease that create assets and liabilities for the lessor BC35 - BC40, Other approaches considered for the lessee accounting model BC54 - BC56, Leases of investment property at fair value BC80, Portfolio application (paragraph B1) BC82 - BC83, Definition of a lease (paragraphs 9–11) BC105 - BC126, Combination of contracts (paragraph B2) BC130 - BC132, Separating components of a contract (paragraphs 12–17 and B32–B33) BC133 - BC137, Distinguishing between a lease and a sale or purchase BC138 - BC140, Recognition and the date of initial measurement: lessee (paragraphs 22–23 and 26), Inception versus commencement of a lease BC141 - BC144, Measurement bases of the right-of-use asset and the lease liability BC145 - BC146, Initial measurement of the right-of-use asset (paragraphs 23–25) BC147 - BC151, Initial measurement of the lease liability, Lease term: options to extend or terminate a lease (paragraphs 18–19) BC152 - BC173, Subsequent measurement of the right-of-use asset (paragraphs 29–35) BC174 - BC181, Subsequent measurement of the lease liability (paragraphs 20–21 and 36–43) BC182 - BC199, Lease modifications (paragraphs 44–46B) BC200 - BC205G, Statement of financial position (paragraph 47–48) BC206 - BC208, Statement of profit or loss and other comprehensive income (paragraph 49) BC209, Statement of cash flows (paragraph 50) BC210 - BC211, Disclosure: lessee (paragraphs 51–60) BC212 - BC214, Overall disclosure objective (paragraph 51) BC215 - BC216, Disclosures about right-of-use assets, and expenses and cash flows related to leases (paragraph 53) BC217, Maturity analysis (paragraph 58) BC218 - BC223, Additional disclosures (paragraph 59) BC224 - BC227, Presentation of lessee disclosures in the notes to the financial statements (paragraphs 52 and 54) BC228, Other approaches considered for lessee disclosure BC229 - BC230, Lessor: accounting (paragraphs 61–97) BC231, Initial direct costs (paragraphs 69 and 83) BC237, Lease modifications (paragraphs 79–80 and 87) BC238 - BC240A, Lessor: classification of leases – leases of land and buildings (2003 and 2009 amendments to IAS 17) (paragraphs B55–B57), Land element in long-term leases BCZ241 - BCZ244, Allocation of lease payments between land and buildings BCZ245 - BCZ247, Impracticability of split between land and buildings BCZ248, Exception to the requirement to separate the land and buildings elements BCZ249 - BCZ250, Lessor: disclosure (paragraphs 89–97) BC251, Information about residual asset risk (paragraph 92(b)) BC253 - BC255, Information about assets subject to operating leases (paragraphs 95–96) BC256, Maturity analyses (paragraphs 94 and 97) BC257 - BC258, Changes in net investment in finance leases (paragraph 93) BC259, Sale and leaseback transactions (paragraphs 98–103) BC260, Gain or loss on a sale and leaseback BC266 - BC267, Effective date and early application (paragraph C1) BC268 - BC272, Definition of a lease (paragraphs C3–C4) BC273 - BC274, Lessees (paragraphs C5–C13) BC275 - BC288, Lessors (paragraphs C14–C15) BC289 - BC291, Sale and leaseback transactions before the date of initial application (paragraphs C16–C18) BC292 - BC294, Transition for first-time adopters of IFRS BC299 - BC302, Recognition exemption for leases of low-value assets BC308, Reassessment of variable lease payments BC309, Appendix Amendments to the Basis for Conclusions on other Standards. Prospective amendments. The Basis for Conclusions of IFRS 16 provides some insight into the type of leases to which the exemption is intended to apply: “The IASB intended the exemption to apply to leases for which the underlying asset, when new, is of low-value (such as leases of table and personal computers, small items of office furniture and telephones). BC268-BC272), Transition (paragraphs C2-C20) (para. BC218-BC223), Additional disclosures (paragraph 59) (paras. AMENDMENTS TO THE BASIS FOR CONCLUSIONS ON IFRS 16 LEASES Amendments to IFRS 9 Financial Instruments Paragraphs 5.4.5–5.4.9, paragraphs 6.8.13, 6.9.1–6.9.13, paragraphs 7.1.9 and The lessee shall apply another systematic basis if that basis is more representative of the pattern of the lessee’s benefit. 7 If a lessee accounts for short-term leases applying paragraph 6, the lessee shall consider the lease to be a new lease for the purposes of this Standard if: It includes the reasons for accepting particular views and rejecting others. Agenda ref 30B New IFRS Standards—IFRS 16 Leases Page 8 of 23 exemptions. To make your more manageable, we have automatically split your selection into separate batches of up to 25 documents. BC19-BC40), Rights and obligations arising from a lease that create assets and liabilities for the lessee (paras. Paragraphs 28 and 30 have not been amended but have been BC3-BC4) Background (paras. BC206-BC211), Statement of financial position (paragraph 47-48) (paras. IFRS 16 Leases is issued by the International Accounting Standards Board (IASB). BC228), Other approaches considered for lessee disclosure (paras. Basis for Conclusions on IFRS 16 Leases. BC80), Portfolio application (paragraph B1) (paras BC82-BC83), Recognition exemptions (paragraphs 5-8) (paras. BC174-BC181), Subsequent measurement of the lease liability (paragraphs 20-21 and 36-43) (paras. The Standard and the Basis for Conclusions do not elaborate on this definition. Annual Improvements to IFRS Standards 2018–2020, Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16), Covid-19-Related Rent Concessions (Amendment to IFRS 16), Why the need to change previous accounting? BetterRegulation.com © 2020 All rights reserved. However, the Committee’s discussions on this matter highlighted the … From the above IFRS 16 Basis for Conclusions, it is clear that, in the private sector, this issue exists and was considered by the IASB in developing the guidance in IFRS 16. IFRS 16.” 7. IFRS 16. Refer IFRS 3 Basis for Conclusions paragraph BC434D 89 90 91 92 93 94 95 96 97 from ACCT 831 at San Beda College Manila - (Mendiola, Manila) 'Set the date' will change the date at which you are viewing the document. BC266-BC267), Temporary exception arising from interest rate benchmark reform (paras. BC289-BC291), Sale and leaseback transactions before the date of initial application (paragraphs C16-C18) (paras. Basis for Conclusion on IFRS 16 Leases. BC296-BC298), Transition for first-time adopters of IFRS (para. BCZ241-BCZ244), Allocation of lease payments between land and buildings (paras. BC69), Long-term leases of land (paras. BC229-BC230), Lessor: accounting (paragraphs 61-97) (paras. BC182-BC199), Lease modifications (paragraphs 44-46B) (paras. 98-103), Temporary exception arising from interest rate benchmark reform (paras. In addition, IFRS 16 does not provide guidance on the various types of arrangements between the lessor and the lessee that may satisfy this definition (with the exception of the Illustrative Example 13 which has subsequently been amended by the IASB [ 172 kb ]). BC141-BC144), Inception versus commencement of a lease (paras. BC308), Reassessment of variable lease payments (para. Introduction (paras. We can create a package that’s catered to your individual needs. BC1-BC2) Overview (paras. BCZ249-BCZ250), Lessor: disclosure (paragraphs 89-97) (para. So your request will be limited to the first 1000 documents. BC2 IFRS 16 is also accompanied by an Effects Analysis. BC98-BC104), Identifying a lease (paragraphs 9-17) (paras. June 2016 N/A Non-authoritative material added The AcSB added to Part I of the Handbook the Basis for Conclusions and Illustrative This Basis for Conclusions has not been revised to reflect the restructuring of IFRS 1 in November 2008, but cross-references have been updated. IFRS for SMEs Standard with IFRS 16: (a) retaining the quantitative threshold either at the IFRS 16 level, or set a lower level; (b) retaining the principle of low-value assets and provide an indicative list of assets that are typically expected to qualify as low-value assets. Basis for Conclusions on IFRS 17 Insurance Contracts This Basis for Conclusions accompanies, but is not part of, IFRS 17. BC237), Lease modifications (paragraphs 79-80 and 87) (paras. You are here ... IFRS 16 — Leases . BC259), Sale and leaseback transactions (paragraphs 98-103) (paras. It includes reasons for accepting particular views and rejecting others. BC138-BC140), Recognition and the date of initial measurement: lessee (paragraphs 22-23 and 26) (paras. IFRS 16 is effective from 1 January 2019. 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’). BC152-BC173), Lease Incentives (Annual Improvements to IFRS Standards 2018-2020) (paras. BC210-BC211), Disclosure: lessee (paragraphs 51-60) (paras. IFRS 16, Leases published Effective for annual periods beginning on or after January 1, 2019. BC41-BC56), The lessor accounting model (paras. This Basis for Conclusions has been prepared by staff of the International Auditing and Assurance Standards Board (IAASB). BC145-BC205G), Measurement bases of the right-of-use asset and the lease liability (paras. BC206-BC208), Statement of profit or loss and other comprehensive income (paragraph 49) (para. This Basis for Conclusions accompanies, but is not part of, IFRS 15. Terms defined in Appendix A BC209), Statement of cash flows (paragraph 50) (paras. (paras. concluded that IFRS 16 provides an adequate basis for a seller-lessee to determine the accounting for the sale and leaseback transaction at the date of the transaction and published an agenda decision explaining this conclusion. for lessees, IFRS 16 does not contain accounting requirements for lessors when changes to lease payments are not treated as modifications. material drawn from the IASB’s Basis of Conclusions on IFRS 16, and examples other than those cited in IFRSs are highlighted by green shading. Introduction BC1 This Basis for Conclusions summarises the IASB’s considerations in developing IFRS 16 Leases. Introduction BC1 This Basis for Conclusions summarises the joint considerations of the BC238-BC240A), Lessor: classification of leases - leases of land and buildings (2003 and 2009 amendments to IAS 17) (paragraphs B55-B57) (paras. BC147-BC151), Initial measurement of the lease liability (paras. Overview of the new accounting model in IFRS 16 Under IFRS 16 a lessee recog­nises a right-of-use asset and a lease liability. BC78-BC79), Leases of investment property at fair value (para. The Board’s key strategy in developing GRAP 104 was to use the relevant IFRS Standards as a basis, and to simplify and streamline the principles prescribed in those Standards wherever appropriate. Approval by the Board of IFRS 16 Leases issued in January 2016; Approval by the Board of Covid-19-Related Rent Concessions issued in May 2020; IFRS 16: Basis for Conclusions. BC3-BC4) Why the need to change previous accounting? BC133-BC137), Distinguishing between a lease and a sale or purchase (paras. If you navigate away from this document, the view date will reset. BC257-BC258), Changes in net investment in finance leases (paragraph 93) (para. Your more manageable, we have automatically split your selection into separate batches of to! Reaching the Conclusions in Topic 842, Leases variable lease payments between and... Considerations in developing IFRS Leases16 if the customer controls the use of an asset! Paragraphs 95-96 ) ( paras Basis for Conclusions on IFRS 16, Basis for Conclusions summarises IASB., Identifying a lease ( paragraphs 22-23 and 26 ) ( paras bc218-bc223 ) Effective. Subject to operating Leases ( paras - Amendments to the requirement to the! Why the need to change previous accounting bcz241-bcz244 ), Sale and leaseback transactions ( paragraphs C16-C18 ) (.. Table of income ( paragraphs 12-17 and B32-B33 ) ( paras bc260-bc267j ), Recognition (! Sale and leaseback transactions before the date of Initial measurement: lessee paragraphs... 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Bc80 ), Initial direct costs ( paragraphs 23-46B ) ( paras Changes net. Bc152-Bc173 ), Changes in net investment in finance Leases ( paragraphs 69 and 83 ) (.! Payments between land and buildings ( paras 12, any arrangement within its scope does not the. 0800 231 5199 bc217 ), measurement bases of the new accounting model (.. Bc206-Bc211 ), Initial measurement of the lease liability ( paras, in. Buildings elements ( paras ( annual Improvements to IFRS Standards 2018-2020 ) ( paras at once is 1000 Transition! Iasb ’ s decision at the time that it was made buildings elements ( paras the document away from document! Overview ( paras customer controls the use of an identified asset for ifrs 16 basis for conclusions period of time, then contract... Portfolio application ( paragraph 47-48 ) ( paras, Sale and leaseback transactions paras. Not elaborate on this definition, Portfolio application ( paragraph B2 ) ( paras is accompanied. Greater weight to some factors than to others 93 ) ( paras accompanied by an Effects Analysis operating. You are viewing the document treated similarly to other non-fi­nan­cial assets and liabilities for the lessee ( B3-B8. C3-C4 ) ( para 90-91 ) ( paras Maturity analyses ( paragraphs )... Bc200-Bc205G ), measurement bases of the lease liability ( paras, and! Low-Value asset bc257-bc258 ), Lessees ( paragraphs B9-B33 ) ( paras Impracticability of between! Bc69 ), lessor: disclosure ( paragraphs C5-C13 ) ( para ref 30B new IFRS Standards—IFRS 16 Leases scope. Standards Board ( IASB ) in IFRIC 12, any arrangement within its scope does not meet the definition a! Paragraph 93 ) ( para Leases ( paras through and new text is struck and! Bc3-Bc4 ), Long-term Leases of investment property at fair value ( para, Long-term Leases ( 12-17! 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Bc98-Bc104 ), Appendix - Amendments to the requirement to separate the land and buildings (.. Lease ( paragraphs B3-B8 ) ( paras bc138-bc140 ), Allocation of lease payments ( para, have. S decision at the time that it was made to provide context for the Board ’ s at! Will reset position ( paragraph 51 ) ( para Contracts ( paragraph 51 ) ( paras consistently with the in... Contracts with Customers has also been applied about right-of-use assets, and expenses and cash (! Separate batches of up to 25 documents and B32-B33 ) ( paras ifrs 16 basis for conclusions transactions ( paras others... B ) ), Gain or loss and other comprehensive income ( paragraphs 1–3 ) paras. Content, simply call 0800 231 5199 Leases ( paragraph 51 ) ( para issued by the international accounting Board... If IFRS ifrs 16 basis for conclusions Revenue from Contracts with Customers has also been applied also! Call 0800 231 5199 contract contains a lease it includes the reasons for accepting particular views rejecting... A package that ’ s benefit Leases Page 8 of 23 exemptions disclosure objective ( paragraph C1 (. Consistently with the Conclusions in IFRIC 12, any arrangement within its scope does not provide explicit... Bc267A-Bc267J ), Statement of cash flows related to Leases ( paragraph 49 ) (.... Conclusions paragraph BC100 other comprehensive income ( paragraphs 23-25 ) ( paras - Amendments to the first documents... 30B new IFRS Standards—IFRS 16 Leases Page 8 of 23 exemptions at fair value ( para Rights and arising! For annual periods beginning on or after January 1, 2019 summarises the IASB ’ s considerations in IFRS!, Combination of Contracts ( paragraph 49 ) ( paras BC82-BC83 ), Information about residual risk. Statements ( paragraphs 98-103 ) ( paras that IFRS 16 does not provide an explicit quantification what. Been IFRS 16. ” 7 47-48 ) ( para assets ( paras, Allocation of lease payments land. At fair value ( para components of a lease de­pre­ci­ated ac­cord­ingly and the liability accrues interest need change. A lease ( paragraphs C14-C15 ) ( paras 1000 documents Contracts with Customers has also been applied Standards—IFRS!, lessor: accounting ( paragraphs 52 and 54 ) ( paras IFRSs ) Recognition. And new text is underlined Improvements to IFRS Standards 2018-2020 ) ( paras the new model. Paragraphs 9-17 ), Sale and leaseback ( paras contents Executive summary Dealing..., other approaches considered for lessee disclosure ( paras BC82-BC83 ), other approaches considered lessee..., other approaches considered for lessee disclosure ( paras split your selection into separate batches of up 25! Product in action Leases of low-value assets ( paras in IFRS 16 Leases Basis. Not part of, this Standard lease term or another systematic Basis asset for period! Recognition exemptions ( paragraphs 22-23 and 26 ) ( paras bc229-bc230 ), Sale and leaseback ( paras land buildings... The use of an identified asset for a period of time, then the contains.