The New Leases Standard
 (IFRS 16 – Leases)

In January 2016, the International Accounting Standards Board (IASB) issued IFRS 16. IFRS 16 will replaces the previous standards IAS 17 Leases; IFRIC 4 Determining whether an Arrangement contains a Lease; SIC-15 Operating Leases—Incentives; and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. IFRS 16 is effective for annual periods beginning on or after 1 January 2019. Earlier application is permitted for entities that apply IFRS 15 – Revenue from Contracts with Customers at or before the date of initial application of IFRS 16.


Access IFRS 16 from eIFRS

Implementation issues

Have you started considering the potential impact of IFRS 16 ?If so, you are invited to submit questions arising during your implementation exercise to SAICA at leases@saica.co.za . 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.

LATEST DEVELOPMENTS

July 2016

• IASB staff webcast on the measurement requirements for lessees in IFRS 16

May 2016

• Practical examples of short-term leases and leases of low-value assets

April 2016

• New definition of a lease
• Are you one of those entities which will be impacted by the new Leases Standard?

February 2016

• Investor perspective on IFRS 16 – Leases

January 2016

• IASB shines light on leases by bringing them onto the balance sheet
• Web presentations on the leases standard

July 2015

• Agenda Consultation and the new Leases Standard (24 July 2015)

March 2015

• Effects of bringing leases onto the balance sheet (16 March 2015)

February 2015

• New IFRS on leases to be published by the end of 2015 (2 February 2015)

August 2014

• IASB to decide on the effective date of the upcoming leases standard  (11 August 2014)  

June 2014

• Changes to leases standard likely to impact long term debt-to-equity ratios (26 June 2014)

April 2014

• Major changes on the accounting for some operating leases by lessees underway

September 2013

• Chairman of the IASB provides an update on the convergence projects

July 2013

• IASB and FASB to hold public roundtable meetings on the revised lease proposals

May 2013

• Lease accounting re-exposed

Also access the IASB website for the latest news on the new leases standard.

SAICA seminars and events on IFRS 16

2016

• Panel discussion on the new leases standards

Exposure Drafts and SAICA submission on the Leases standard

Access the following proposed Leases standard and the SAICA submission on the proposed pronouncement from here

• ED 332 – Leases

Ask a Technical Question

Ask a Technical Question on IAS 17