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The IASB has published IFRS 16 'Leases', completing its long-running project to overhaul lease accounting.
IFRS 16 will require lessees to account for leases 'on-balance sheet' by recognising a 'right-of-use' asset and a lease liability. For many businesses, however, exemptions for short-term leases and leases of low value assets will greatly reduce the impact.
The main changes are summarised below:
Who is affected?
What's the impact on lessees?
What's the impact on lessors?
Are there other changes?
When are the changes effective?
This special edition of IFRS News explains the key features of the new leasing Standard and provides practical insights into its application and impact.