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IFRS 16 requires lessees and lessors to provide information about leasing activities within their financial statements. The Standard explains how this information should be presented on the face of the statements and what disclosures are required. In this article we identify the requirements and provide a series of examples illustrating one possible way the note disclosures might be presented.

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements.

IFRS news is your quarterly update on things relating to International Financial Reporting Standards (IFRS). We’ll bring you up to speed on topical issues and significant developments, provide comments and give our point of view.

The member firms within Grant Thornton International Ltd (GTIL) have extensive expertise in the application of IFRS. GTIL, through its IFRS team, develops guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is pleased to share these insights by publishing ‘Example Interim Consolidated Financial Statements 2019'.

In January 2016, the International Accounting Standards Board (IASB) issued IFRS 16 Leasing, which represents the first major overhaul in lease accounting for over 30 years, we summarize key areas.

Our IFRS 16 - Lease payments article aims to help you judge which payments needs to be recognised when measuring liability

IFRS 16 makes significant changes to sale and leaseback accounting. Our article provides insight on sale and leaseback transactions when transitioning to IFRS 16

IFRS News: your quarterly update on all things relating to International Financial Reporting Standards. BREXIT, IASB proposals, review of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers

IFRS 16 provides significant transition reliefs to make first time application simpler. The article provides insight on the various choices available and how they impact the balance sheet and income statement.

IFRS 15 covers Revenue from Contracts with Customers. This article looks at what it means for an asset to have ‘no alternative use’ when dealing with a contract for the sale of a single apartment contained within a multi-unit residential complex currently under construction.

A look at the commercial implications and interpretations of the new 2018 IFRS Standards issued and amendments made to existing IFRS standards

Ascertaining IFRS 16 and what to consider when determining lease terms.

An overview of IASB publication Definition of Material –Amendments to IAS 1 and IAS 8, regulators’ views on IFRS 9 and IFRS 15, reverse factoring and issues related to the discontinuance of LIBOR and other inter-bank offer rates

A look at IASB’s Discussion Paper on Financial Instruments with Characteristics of Equity. The likely outcome of Argentina being declared hyperinflationary

Exploring the accounting issues that arise for miners and validators in mining and maintaining the blockchain in accordance with existing IFRS

Our IFRS Viewpoint series provides collective insights from global IFRS advisors and experts in Grant Thornton