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Friday 28 April 2017

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Leases: Implementation


 IFRS 16 Leases: Implementation


IFRS 16 Leases was issued by the International Accounting Standards Board (the Board) on 13 January 2016 and has a mandatory effective date of 1 January 2019. The Board is currently undertaking a number of activities to support implementation of the Standard. This page will be updated throughout the implementation phase with information relating to these activities.

 

Educational and implementation materials

 

In addition to the materials provided with IFRS 16 itself, including the Illustrative Examples, various materials that support implementation of IFRS 16 have already been published or are planned. These are summarised below. Throughout the implementation phase, the Board will monitor implementation and will consider whether additional materials might be helpful.

Materials published alongside IFRS 16

 
Title Published
Video: IASB Chairman Hans Hoogervorst introduces the new Leases Standard January 2016
Project Summary and Feedback Statement January 2016
Effects Analysis January 2016

Webcasts and podcasts by IASB staff

 
Title Slides Date Live
IFRS 16: Lessee Disclosures   Expected May 2017
IFRS 16: Lease Modifications—Lessees March 2017
IFRS 16: Lessee Measurement June 2016
IFRS 16: Exemptions—
Discussion with Board Member Sue Lloyd
April 2016
IFRS 16: Definition of a lease April 2016
Transition to IFRS 16 March 2016
Introducing IFRS 16 January 2016

Implementation sessions at IFRS Foundation conferences

 
Conference Date
IFRS Foundation Conference—implementing IFRS 16 Leases requirements 09 May 2017
IFRS Foundation Conference in Amsterdam 29/30 June 2017

IASB member articles

 
Title Published
Sue Lloyd, Gary Kabureck, Darrel Scott and Stephen Cooper:
Leases one year on—putting IFRS 16 into practice
January 2017
IASB Chairman Hans Hoogervorst: Shining the Light on Leases March 2016
Sue Lloyd: Investor Perspective: A New Lease of Life January 2016
Gary Kabureck: Little to fear in new world of lease accounting January 2016
 

Implementation: IASB Monitoring and support

Technical enquiries and implementation issues

 

After consulting its Advisory Council, the Board decided that it is not necessary to set up a Transition Resource Group to support the implementation of IFRS 16. Nonetheless, we are interested in questions arising during the implementation of new Standards. This provides us with information about developing practice.

Although the Board does not provide a formal technical enquiry service, stakeholders may make us aware of implementation questions relating to IFRS 16 via email to leases@ifrs.org. Questions should be submitted only if

  1. they indicate that IFRS 16 can be applied in different ways that are expected to result in diversity in practice; and
  2. the question is expected to be relevant to a wide range of stakeholders.

Any question submitted should include a detailed description of the possible ways in which IFRS 16 could be applied. The submitted questions will be evaluated to assess whether further support might be needed.

Education meetings with investors, regulators and national standard setters

 

These education meetings are intended to educate stakeholders and obtain information about implementation issues and developing practice relating to IFRS 16.





Related information

Contacts


Patrina Buchanan

Associate Director
pbuchanan@ifrs.org

 

Kathryn Donkersley
Senior Technical Manager
kdonkersley@ifrs.org

 

Roberta Ravelli
Senior Technical Manager
rravelli@ifrs.org