The New Leases Standard

Last Updated 14 July 2017 09:53:52 AM

 
FINANCIAL REPORTING
 
The New Leases Standard

 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

May 2016

April 2016

February 2016

January 2016

July 2015

March 2015

February 2015

August 2014

June 2014

April 2014

September 2013

July 2013

May 2013

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

SAICA seminars and events on IFRS 16

2016

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