These FAQs reflect current views and understanding of the IASB project.

Size: px
Start display at page:

Download "These FAQs reflect current views and understanding of the IASB project."

Transcription

1 FAQ 14 SEPTEMBER 2010 IASB PROJECT ON LEASE ACCOUNTING These FAQs reflect current views and understanding of the IASB project. In August 2010, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB; together the Boards ) published an exposure draft (ED) on Leases. The FAQ addressed below are: 1. Why are the standard-setters looking at leases? 2. How do the proposals address problems with today s accounting for leases? 3. What does the ED propose for lessees? 4. What about options to extend? 5. What about contingent rentals, residual value guarantees and term option penalties? 6. What if things don t turn out as expected? 7. What does the ED propose for lessors? 8. Are there any new disclosure requirements? 9. Are all lease transactions covered by the proposals? 10. Are there any exemptions for short-term or non-core leases? 11. Does this affect contracts currently covered by IFRIC 4? 12. Will there be any tax effects? 13. What are the transitional arrangements? 14. What happens next? 15. How is ICAEW responding? 1

2 1. Why are the standard-setters looking at leases? The current IASB standard, IAS 17 Leases, differentiates between two types of lease: A finance lease is a lease that transfers substantially all the risks and rewards of ownership of an asset to the lessee. The lessee acquires rights and obligations that are similar to those acquired by an outright purchase of the legal title of an asset. An operating lease is a lease where the lessee does not acquire the majority of such rights and obligations. An operating lease is any lease other than a finance lease. The classification of leases is based on the definitions of finance and operating leases given above. IAS 17 gives several indicators of situations, which individually or in combination could indicate that a transfer of substantially all the risks and rewards of ownership has occurred. If a lease is classified as a finance lease, it appears on the lessee s balance sheet along with a related lease liability. If a lease is classified as an operating lease, it is off balance sheet in the lessee s accounts, with rental costs simply expensed over the life of the lease, normally on a straight-line basis. These differing accounting treatments are said to be confusing for investors and other users of financial statements. In some cases they can mean that economically similar transactions can be accounted for differently, making it hard to compare entities. It can also lead to entities structuring a lease in a particular way to achieve their preferred accounting treatment. The current accounting from a lessor s perspective is not regarded as quite so problematic. Nonetheless, the standard-setters are also proposing changes in this area to ensure that there is a consistent accounting model for both lessors and lessees. The proposals would furthermore bring about convergence between IFRS and US GAAP in most significant areas of lease accounting, completing another significant step along the road to convergence. 2. How do the proposals address problems with today s accounting for leases? The proposals in the ED remove the distinction between finance leases and operating leases, meaning that for the first time, assets and liabilities arising from lease contracts will be recognised on the lessee s balance sheet. Investors will no longer need to make arbitrary adjustments to a company s accounts to adjust for off balance sheet items as more detailed information will be provided. Moreover, it is argued that comparability will be further improved as there will be less opportunity to structure a lease to achieve a particular accounting outcome. 3. What does the ED propose for lessees? The ED proposes a right of use model for all leases under which lessees will recognise: A right-of-use asset reflecting its right to use the leased asset for the lease term; and A lease liability, reflecting its obligation to make lease payments. Both the asset and the liability will be recognised on balance sheet at the commencement of the lease. 2

3 The right-of-use asset is calculated at the present value of the lease payments, discounted using the lessee s incremental borrowing rate (ie, the rate of interest that, at the date of inception of the lease, the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to purchase a similar underlying asset) or, if this can be readily determined, the rate the lessor charges the lessee, plus any initial direct costs. It will then be amortised over the life of the lease and tested for impairment where appropriate. A lessee could choose to revalue such assets. The lease liability is calculated at the present value of the lease payments, discounted using the lessee s incremental borrowing rate or, if it can be readily determined, the rate the lessor charges the lessee. It is subsequently accounted for using the amortised cost method, with interest expense recorded on the outstanding obligation. This new accounting model can be presented thus: Lessee model all leases within scope Balance sheet Right-of-use asset Liability to make lease payments Income statement Amortisation expense Interest expense This is significantly different from current practice for leases classified as operating leases under IAS What about options to extend? Many leases will have lessee options to extend the lease at the end of the primary rental period. When calculating the present value of the lease payments, the lease term is taken as the longest possible term that is more likely than not to occur. Paragraph B17 of the ED gives an illustration of how to apply this principle. An entity determines the lease term considering all explicit and implicit options included in the contract and given effect by the operation of statutory law. Examples of considerations when assessing the probability of each possible lease term include: Contractual factors such as termination penalties or discounted rentals during the secondary period; Non-contractual factors, such as the existence of significant leasehold improvements that would be forgone if the lease was not extended; Business factors, such as whether the underlying asset is specialised or crucial to the lessee s operations; and Other lessee-specific factors, such as the lessee s intentions or past experience. This determination will involve considerable judgement. This is a significant change from current practice. Under IAS 17, the lease term only includes such options to the extent it is reasonably certain that the lessee will exercise them. As a result is likely that in some cases the lease term used under the proposed model will be longer than that currently used. 3

4 5. What about contingent rentals, residual value guarantees and term option penalties? Many leases will include some or all of the following: Contingent rentals, whereby future lease payments vary because of facts and circumstances occurring after the date of the lease. For example, in the retail sector it is common for an element of rentals to be contingent on the level of sales achieved by the lessee. In many cases rentals may also be index linked. Residual value guarantees, whereby the lessee guarantees that the fair value of the underlying asset that they will return to the lessor will be at least a specified amount. If the fair value is less than that amount, the lessee is obliged to pay the difference to the lessor. Term option penalties whereby the lessee will have to pay a penalty in some circumstances, for example if it terminates the lease early or fails to extend it into a secondary period. When calculating the present value of the lease payments these factors should be considered. An expected outcome approach should be adopted ie, lease payments should be calculated as the present value of the probability-weighted average of the cash flows for a reasonable number of outcomes. This will again involve considerable judgement. This is a significant change from current practice. Under IAS 17, contingent rentals are generally excluded from the calculation of minimum lease payments, regardless of the probability of payment. 6. What if things don t turn out as expected? The ED requires the lessee to reassess the carrying amount of its lease obligation in each reporting period if facts or circumstances indicate that there would be a significant change in the liability since the previous reporting period. If there is a change in the expected lease term, the lessee would adjust the carrying amount of the lease obligation and the right-of-use asset. If there is a change in the timing or amount of expected payments of contingent rentals, residual value guarantees or term option penalties, these would be recorded in the income statement if they arise from current or prior periods. Where they relate to future periods, the adjustment would be recorded as an adjustment to the carrying amount of the lease obligation and the right-of-use asset. Determining whether a reassessment of a lease obligation is required will once again be a matter of considerable judgement. Where a reassessment is required this may involve a significant amount of work, especially if a large number of leases are affected by similar factors. 7. What does the ED propose for lessors? Although the IASB discussion paper published in March 2009 focussed solely on lessee accounting, the ED includes proposals for lessor accounting in order, it states, to ensure that there is a consistent accounting model for both lessors and lessees. 4

5 The ED describes two accounting models for lessors, as follows: The performance obligation approach; and The derecognition approach. The lessor determines which model to apply based on its exposure to the significant risks or benefits of the underlying asset during or subsequent to the expected term of the lease. This will depend largely on the business model adopted. If the lessor retains exposure to the significant risks or benefits of the underlying asset, it adopts the performance obligation approach. The underlying asset remains on the lessor s balance sheet and is depreciated as normal. In addition, the lessor will recognise an asset reflecting its right to receive lease payments and a lease liability reflecting the lessor s obligation to permit the lessee to use the underlying asset over the lease term. Each of these items will be presented together on the balance sheet, with a total representing the net lease asset or liability. The asset reflecting the lessor s right to receive lease payments is accounted for using the amortised cost method, with interest income on the outstanding balance recognised in the income statement. As the lessor fulfils its performance obligation, lease income is recognised on a systematic or rationale basis reflecting the pattern of use of the underlying asset by the lessee. This approach can be summarised as follows: Performance obligation approach Balance sheet Underlying asset Right to receive lease payments Lease liability Income statement Lease income Depreciation expense Interest income If the lessor does not retain exposure to the significant risks or benefits of the underlying asset, it adopts the derecognition approach. Under this approach, a portion of the leased asset is removed from the lessor s books and an asset reflecting its right to receive lease payments is recognised. It is possible that this could lead to a gain being recorded at the commencement of the lease, as is the case today under IAS 17. The asset reflecting the lessor s right to receive lease payments is accounted for using the amortised cost method, with interest income on the outstanding balance recognised in the income statement. The residual asset is not remeasured in subsequent periods unless there is a change in the lease term or the asset is impaired. This approach can be summarised as follows: Derecognition approach Balance sheet Residual asset Right to receive lease payments Income statement Revenue Cost of sales Interest income 5

6 8. Are there any new disclosure requirements? The revised disclosures proposed in the ED aim to enable users to evaluate the nature, amount, timing and uncertainty of cash flows arising from lease contracts and how the entity manages those cash flows. The disclosures proposed include: Nature of lease contracts; Maturity analysis; Income recognition information; Discount rates used; Roll forward of right-of-use asset and liability to make lease payments in the lessee s accounts; and Roll forward of right to receive lease payments and lease liability or residual asset in the lessor s accounts 9. Are all lease transactions covered by the proposals? No. The following items would not be affected by the proposals: Contracts that are labelled as leases but are actually purchase or sale arrangements are not covered by the proposals. The accounting for some specialised assets will remain unaffected. Lessors with investment properties accounted for at fair value under IAS 40 Investment property will continue to apply the requirements in IAS 40. The accounting for biological assets will remain within IAS 41 Agriculture. It is argued that the requirements in those standards already provide sufficient useful information. Leases of intangible assets (eg, software, patents and licences) and leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources are excluded until the IASB can consider such items more broadly. 10. Are there any exemptions for short-term or non-core leases? No. All leases other than those covered by the scope exemptions above are within scope of the proposed standard. This would include very short-term leases where they are material. However, there is a simplified approach available to both lessees and lessors for short-term leases. These are defined as leases that, at the date of commencement of the lease, have a maximum possible lease term, including options to renew or extend, of twelve months or less. Lessees that have short-term leases may elect on a lease-by-lease basis to measure, both at initial measurement and subsequently: The liability to make lease payments at the undiscounted amount of the lease payments; and The right-of-use asset at the undiscounted amount of lease payments plus initial direct costs. Such lessees shall recognise lease payments in profit or loss over the lease term. A lessor that has a short-term lease may elect on a lease-by-lease basis to neither recognise assets or liabilities arising from the lease in the balance sheet nor derecognise any portion of the underlying asset. 6

7 Such lessors shall continue to recognise the underlying asset in accordance with other IFRSs and shall recognise lease payments in profit or loss over the lease term. 11. Does this affect contracts currently covered by IFRIC 4? The proposals use existing guidance by incorporating the principles in IFRIC 4 Determining whether an arrangement contains a lease into the ED. 12. Will there be any tax effects? The presumption in the UK is that the measurement of taxable profit follows any changes in IFRS or UK GAAP. However, should any implementation questions arise in due course they would be taken up with HMRC by the ICAEW Tax Faculty. There will be deferred tax implications as the ED will give rise to new temporary differences for many entities involved in leasing transactions. 13. What are the transitional arrangements? All outstanding leases as at the date of initial application will be subject the proposals. The ED provides guidance on restatement for both lessees and lessors. 14. What happens next? The proposals are a key element of the IASB-FASB convergence agenda and represent one of the projects due to be completed by the summer of However, the Boards have indicated that there will be a long transition period. In view of the number of new standards to be issued around the same time, the various effective dates might be staggered to ease the burden. It is difficult to say when the leasing standard will be effective, but it is unlikely to be before In Europe this will be subject to the usual endorsement process. The IFRS for SMEs - which may well replace UK GAAP in due course - is also likely to be amended in due course to take account of the requirements of the new standard. The consultation period for the ED runs to 15 December How is ICAEW responding? The Financial Reporting Faculty recognises that the proposals are controversial. It has assembled a working party comprising a wide spectrum of constituents; this includes representatives of preparers, auditors and practitioners. The working party will prepare a response to the ED for discussion by the ICAEW Financial Reporting Committee. We will also be responding to FEE and EFRAG so that our views can be taken into account in the drafting of their own responses, and will be liaising with the CBI and the ASB. The Exposure Draft will be highlighted in monthly ICAEW member-alerts as well as in Accountancy, and a blog on the subject will be published on Talk Accountancy. The draft response will be posted to the ICAEW website for comment by members when it is at a reasonably advanced stage. 7

8 The proposals will be covered at Faculty roadshows in September and October A round table event with the IASB may be held at Chartered Accountants Hall (details to follow). Further material and events/webcasts may be developed as appropriate as questions arise and the accounting implications and implementation timetable become clearer. We particularly welcome any views you may have on the current proposals, which can be ed to eddy.james@icaew.com. Copyright ICAEW 2010 All rights reserved. This document may be reproduced without specific permission, in whole or part, free of charge and in any format or medium, subject to the conditions that: it is reproduced accurately and not used in a misleading context; the source of the extract or document, and the copyright of ICAEW, is acknowledged; and the title of the document is quoted. Where third-party copyright material has been identified application for permission must be made to the copyright holder. icaew.com As a world-class professional accountancy body, the ICAEW provides leadership and practical support to over 134,000 members in more than 160 countries, working with governments, regulators and industry to maintain the highest standards. Our members provide financial knowledge and guidance based on the highest technical and ethical standards. They are trained to challenge people and organisations to think and act differently, to provide clarity and rigour, and so help create and sustain prosperity. The ICAEW ensures these skills are constantly developed, recognised and valued. Because of us, people can do business with confidence. Chartered Accountants Hall T +44 (0) Moorgate Place, London F +44 (0) icaew.com E frfac@icaew.com 8

INVITATION TO COMMENT ON IASB EXPOSURE DRAFT OF LEASES. Comments to be received by 30 November 2010

INVITATION TO COMMENT ON IASB EXPOSURE DRAFT OF LEASES. Comments to be received by 30 November 2010 19 August 2010 To: Members of the Hong Kong Institute of CPAs All other interested parties INVITATION TO COMMENT ON IASB EXPOSURE DRAFT OF LEASES Comments to be received by 30 November 2010 The Hong Kong

More information

IASB Staff Paper March 2011

IASB Staff Paper March 2011 IASB Staff Paper March 2011 Effect of board redeliberations on Exposure Draft Leases About this staff paper This staff paper indicates how the proposals in the Exposure Draft Leases would change as a result

More information

Comment on the Exposure Draft Leases

Comment on the Exposure Draft Leases 15 December 2010 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk CT 06856-5116 United States

More information

In December 2003 the IASB issued a revised IAS 17 as part of its initial agenda of technical projects.

In December 2003 the IASB issued a revised IAS 17 as part of its initial agenda of technical projects. IFRS Standard 16 Leases In April 2001 the International Accounting Standards Board (IASB) adopted IAS 17 Leases, which had originally been issued by the International Accounting Standards Committee (IASC)

More information

CFA UK response to the Exposure Draft on Leases

CFA UK response to the Exposure Draft on Leases David Humphreys Practice Fellow International Accounting Standards Board 30 Cannon Street London EC4M 6XH 20 th December 2010 Dear David, Thank you for the opportunity to respond to the IASB Exposure Draft

More information

Thank you for the opportunity to comment on the above referenced Exposure Draft.

Thank you for the opportunity to comment on the above referenced Exposure Draft. International Accounting Standards Board 1 st Floor 30 Cannon Street London, EC4M 6XH United Kingdom Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk, CT 06856 5116 United States

More information

(a) fulfillment of the contract depends on the use of an identified asset; and

(a) fulfillment of the contract depends on the use of an identified asset; and Exposure Draft Leases Comments to be received by 13 September 2013 Securities and Exchange Board of India (SEBI) welcomes the opportunity to respond to the above exposure draft. Question 1: identifying

More information

Ref.: Exposure Draft ED/2010/9 Leases

Ref.: Exposure Draft ED/2010/9 Leases Sir David Tweedie Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Milan, December 15, 2010 Ref.: Exposure Draft ED/2010/9 Leases Dear Sir David, we are

More information

In December 2003 the Board issued a revised IAS 17 as part of its initial agenda of technical projects.

In December 2003 the Board issued a revised IAS 17 as part of its initial agenda of technical projects. IFRS 16 Leases In April 2001 the International Accounting Standards Board (the Board) adopted IAS 17 Leases, which had originally been issued by the International Accounting Standards Committee (IASC)

More information

Proposed New Accounting Standards For Leases

Proposed New Accounting Standards For Leases Relationships backed by performance. Proposed New Accounting Standards For Leases Doug Richardson Live Seminar 9:00am 10:30am June 21 2012 Overview and Background Leases serve a vital role in many entities

More information

IFRS Project Insights Leases

IFRS Project Insights Leases IFRS Project Insights Leases The IASB and FASB ( the Boards ) published a Discussion Paper (DP) setting out a proposed lessee accounting model in March 2009. The proposed accounting model has evolved since

More information

International Financial Reporting Standard 16 Leases. Objective. Scope. Recognition exemptions (paragraphs B3 B8) IFRS 16

International Financial Reporting Standard 16 Leases. Objective. Scope. Recognition exemptions (paragraphs B3 B8) IFRS 16 International Financial Reporting Standard 16 Leases Objective 1 This Standard sets out the principles for the recognition, measurement, presentation and disclosure of leases. The objective is to ensure

More information

LETTER No. 020/2010. São Paulo, December 15 th, Chief Technical Officer. Financial Accounting Standards Board. Ref.: Exposure Draft ED/2010/9

LETTER No. 020/2010. São Paulo, December 15 th, Chief Technical Officer. Financial Accounting Standards Board. Ref.: Exposure Draft ED/2010/9 LETTER No. 020/2010 São Paulo, December 15 th, 2010. Chief Technical Officer Financial Accounting Standards Board Ref.: Exposure Draft ED/2010/9 ABEL Associação Brasileira das Empresas de Leasing (Brazilian

More information

The joint leases project change is coming

The joint leases project change is coming No. 2010-4 18 June 2010 Technical Line Technical guidance on standards and practice issues The joint leases project change is coming What you need to know The proposed changes to the accounting for leases

More information

COMMITTEE OF EUROPEAN SECURITIES REGULATORS

COMMITTEE OF EUROPEAN SECURITIES REGULATORS COMMITTEE OF EUROPEAN SECURITIES REGULATORS IASB 30 Cannon Street LONDON EC4M 6XH United Kingdom Date: 29 November 2010 Ref.: CESR/10-1518 RE: the IASB s Exposure Draft Leases The Committee of European

More information

LEASES ICAEW REPRESENTATION 75/18

LEASES ICAEW REPRESENTATION 75/18 ICAEW REPRESENTATION 75/18 LEASES ICAEW welcomes the opportunity to comment on International Public Sector Financial Reporting Board s (IPSASB) Exposure Draft 64 Leases published by IPSASB in January 2018,

More information

New Zealand Equivalent to International Financial Reporting Standard 16 Leases (NZ IFRS 16)

New Zealand Equivalent to International Financial Reporting Standard 16 Leases (NZ IFRS 16) New Zealand Equivalent to International Financial Reporting Standard 16 Leases (NZ IFRS 16) Issued February 2016 This Standard was issued on 11 February 2016 by the New Zealand Accounting Standards Board

More information

FASB and IASB Continue Making Decisions on Lease Accounting

FASB and IASB Continue Making Decisions on Lease Accounting Accounting Journal Entry FASB and IASB Continue Making Decisions on Lease Accounting March 28, 2011 At recent meetings, the FASB and IASB (the boards ) have continued to make progress on the leases project,

More information

Sri Lanka Accounting Standard - SLFRS 16. Leases

Sri Lanka Accounting Standard - SLFRS 16. Leases Sri Lanka Accounting Standard - SLFRS 16 Leases CONTENTS from paragraph SRI LANKA ACCOUNTING STANDARD - SLFRS 16 LEASES INTRODUCTION OBJECTIVE 1 SCOPE 3 RECOGNITION EXEMPTIONS 5 IDENTIFYING A LEASE 9 Separating

More information

Exposure Draft ED/2010/9 - Leases

Exposure Draft ED/2010/9 - Leases December 15 th, 2010 International Accounting Standards Board 30 Cannon Street, London EC4M 6XH United Kingdom Dear Madam/Sir, Exposure Draft ED/2010/9 - Leases The Israel Accounting Standards Board is

More information

Dear members of the International Accounting Standards Board,

Dear members of the International Accounting Standards Board, International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Our ref : IASB 442 D Direct dial : (+31) 20 301 0391 Date : Amsterdam, 10 September 2013 Re : Comment on Exposure

More information

Exposure Draft 64 January 2018 Comments due: June 30, Proposed International Public Sector Accounting Standard. Leases

Exposure Draft 64 January 2018 Comments due: June 30, Proposed International Public Sector Accounting Standard. Leases Exposure Draft 64 January 2018 Comments due: June 30, 2018 Proposed International Public Sector Accounting Standard Leases This document was developed and approved by the International Public Sector Accounting

More information

Summary of IFRS Exposure Draft Leases

Summary of IFRS Exposure Draft Leases The International Accounting Standards Board (IASB) recently issued a revised exposure draft (ED) relating to leases. Once these proposals are finalized the new guidance will replace the IAS 17 Leases.

More information

The new IFRS 16 Leases effective as of 1 January 2019

The new IFRS 16 Leases effective as of 1 January 2019 The new IFRS 16 Leases effective as of 1 January 2019 IFRS 16 was issued by IASB on 13 January 2016. The Standard is effective as of 1 January 2019. It has not yet been adopted by the EC. This is a Standard

More information

IASB Exposure Draft ED/2013/6 Leases

IASB Exposure Draft ED/2013/6 Leases Hans Hoogervorst Chairman IASB 30 Cannon Street London EC4M 6XH 8 October 2013 Dear Hans IASB Exposure Draft ED/2013/6 Leases I am writing on behalf of the Financial Reporting Council (FRC), in response

More information

Università degli studi di Pavia Facoltà di Economia a.a Lesson 8 International Accounting Lelio Bigogno, Stefano Santucci

Università degli studi di Pavia Facoltà di Economia a.a Lesson 8 International Accounting Lelio Bigogno, Stefano Santucci Università degli studi di Pavia Facoltà di Economia a.a. 2013-2014 Lesson 8 International Accounting Lelio Bigogno, Stefano Santucci 1 IAS/IFRS: IAS17 Leasing 2 History of IAS17 October 1980 Exposure Draft

More information

27 September Hans Hoogervorst IFRS Foundation 30 Cannon Street, London EC4M 6XH. Dear Hans IASB ED/2013/6: LEASES

27 September Hans Hoogervorst IFRS Foundation 30 Cannon Street, London EC4M 6XH. Dear Hans IASB ED/2013/6: LEASES 27 September 2013 Hans Hoogervorst IFRS Foundation 30 Cannon Street, London EC4M 6XH Dear Hans IASB ED/2013/6: LEASES IMA represents the asset management industry operating in the UK. Our members include

More information

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects.

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects. IAS 40 Investment Property In April 2001 the International Accounting Standards Board (the Board) adopted IAS 40 Investment Property, which had originally been issued by the International Accounting Standards

More information

In December 2003 the IASB issued a revised IAS 40 as part of its initial agenda of technical projects.

In December 2003 the IASB issued a revised IAS 40 as part of its initial agenda of technical projects. International Accounting Standard 40 Investment Property In April 2001 the International Accounting Standards Board (IASB) adopted IAS 40 Investment Property, which had originally been issued by the International

More information

IFRS 16 Leases supplement

IFRS 16 Leases supplement IFRS 16 Leases supplement Guide to annual financial statements IFRS December 2017 kpmg.com/ifrs Contents About this supplement 1 About IFRS 16 3 The Group s lease portfolio 6 Part I Modified retrospective

More information

NEED TO KNOW. Leases A Project Update

NEED TO KNOW. Leases A Project Update NEED TO KNOW Leases A Project Update 2 LEASES - A PROJECT UPDATE TABLE OF CONTENTS Introduction 3 Existing guidance and the rationale for change 4 The IASB/FASB project to date 5 The main proposals 6 Definition

More information

IFRS 16 LEASES. Page 1 of 21

IFRS 16 LEASES. Page 1 of 21 IFRS 16 LEASES OBJECTIVE The objective is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. This information gives a basis for users

More information

The IASB s Exposure Draft on Leases

The IASB s Exposure Draft on Leases The Chair Date: 9 September 2013 ESMA/2013/1245 Francoise Flores EFRAG Square de Meeus 35 1000 Brussels Belgium The IASB s Exposure Draft on Leases Dear Ms Flores, The European Securities and Markets Authority

More information

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects.

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects. IAS Standard 40 Investment Property In April 2001 the International Accounting Standards Board (the Board) adopted IAS 40 Investment Property, which had originally been issued by the International Accounting

More information

International Accounting Standard 17 Leases. Objective. Scope. Definitions IAS 17

International Accounting Standard 17 Leases. Objective. Scope. Definitions IAS 17 International Accounting Standard 17 Leases Objective 1 The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation

More information

IASB/FASB Exposure Draft on Leases. Accounting in the Retail Industry A new view of lease accounting emerges

IASB/FASB Exposure Draft on Leases. Accounting in the Retail Industry A new view of lease accounting emerges IASB/FASB Exposure Draft on Leases Accounting in the Retail Industry A new view of lease accounting emerges Contents Introduction 1 Issue 1 Impact of capitalisation of all leases on financial statements

More information

Exposure Draft. Indian Accounting Standard (Ind AS) 116 Leases. (Last date for Comments: August 31, 2017)

Exposure Draft. Indian Accounting Standard (Ind AS) 116 Leases. (Last date for Comments: August 31, 2017) ED/Ind AS/2017/06 Exposure Draft Indian Accounting Standard (Ind AS) 116 Leases (Last date for Comments: August 31, 2017) Issued by Accounting Standards Board The Institute of Chartered Accountants of

More information

12 September Mr Hans Hoogervorst Chairman The International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom

12 September Mr Hans Hoogervorst Chairman The International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom 12 September 2013 Mr Hans Hoogervorst Chairman The International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Email: commentletters@ifrs.org. Dear Hans Exposure Draft ED/2013/6

More information

Heads Up. FASB Draws a Bright Line Through Operating Leases Proposed ASU Revamps Lease. Accounting. The ED, released by the FASB as a proposed

Heads Up. FASB Draws a Bright Line Through Operating Leases Proposed ASU Revamps Lease. Accounting. The ED, released by the FASB as a proposed August 17, 2010 Volume 17, Issue 27 Heads Up In This Issue: Background Effective Date In a Nutshell Scope Lessee Accounting Lessor Accounting Presentation and Disclosures Transition The ED, released by

More information

Important Comments I. Request concerning the proposed new standard in general 1.1 The lessee accounting proposed in the discussion paper is extremely

Important Comments I. Request concerning the proposed new standard in general 1.1 The lessee accounting proposed in the discussion paper is extremely Important Comments I. Request concerning the proposed new standard in general 1.1 The lessee accounting proposed in the discussion paper is extremely complicated. As such, the introduction of the new standard

More information

Tracking IFRS Exposure draft on Leases

Tracking IFRS Exposure draft on Leases Issue 3 September 2010 Tracking IFRS Exposure draft on Leases 1. Introduction On 17 August 2010, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB)

More information

Defining Issues May 2013, No

Defining Issues May 2013, No Defining Issues May 2013, No. 13-24 FASB and IASB Issue Revised Exposure Drafts on Lease Accounting The FASB and IASB (the Boards) recently issued revised joint exposure drafts (EDs) on proposed changes

More information

Going global. Trouble ahead. Ongoing major projects. Where next?

Going global. Trouble ahead. Ongoing major projects. Where next? Where now for IFRS? Gavin Aspden FCA ICAEW Director, Qualifications Going global Trouble ahead Ongoing major projects Where next? 1 Going global Trouble ahead Ongoing major projects Where next? IFRS jurisdictions

More information

Exposure Draft ED/2013/6, issued by the International Accounting Standards Board (IASB)

Exposure Draft ED/2013/6, issued by the International Accounting Standards Board (IASB) Leases Exposure Draft ED/2013/6, issued by the International Accounting Standards Board (IASB) Comments from ACCA 13 September 2013 ACCA (the Association of Chartered Certified Accountants) is the global

More information

IASB Exposure Draft ED/2013/6 - Leases

IASB Exposure Draft ED/2013/6 - Leases ACAG AUSTRALASIAN COUNCIL OF AUDITORS GENERAL 13 September 2013 Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Mr Hoogervorst

More information

IFRS 16 : Lease accounting

IFRS 16 : Lease accounting IFRS 16 : Lease accounting Effective for accounting periods beginning on or after 1 January 2019 December 2017 IFRS 16: Lease accounting The IASB published the new IFRS 16 lease standard, in order to avoid

More information

Re: Proposed Accounting Standards Update, Leases ( proposed ASU )

Re: Proposed Accounting Standards Update, Leases ( proposed ASU ) December 15, 2010 Ms. Leslie Seidman Acting Chairman Financial Accounting Standards Board 401 Merritt 7 Norwalk, CT 06856 Re: Proposed Accounting Standards Update, Leases ( proposed ASU ) Dear Ms. Seidman:

More information

IFRS 15. Revenue from Contracts with Customers. Presented by CPA Dr. Peter Njuguna

IFRS 15. Revenue from Contracts with Customers. Presented by CPA Dr. Peter Njuguna IFRS 15 Revenue from Contracts with Customers Presented by CPA Dr. Peter Njuguna Introduction Revenue is income from ordinary activities. A contract has rights and obligations between two or more parties.

More information

In December 2003 the IASB issued a revised IAS 17 as part of its initial agenda of technical projects.

In December 2003 the IASB issued a revised IAS 17 as part of its initial agenda of technical projects. International Accounting Standard 17 Leases In April 2001 the International Accounting Standards Board (IASB) adopted IAS 17 Leases, which had originally been issued by the International Accounting Standards

More information

Applying IFRS. A closer look at the new leases standard. August 2016

Applying IFRS. A closer look at the new leases standard. August 2016 Applying IFRS A closer look at the new leases standard August 2016 Contents Overview 3 1. Scope and scope exceptions 5 1.1 General 5 1.2 Determining whether an arrangement contains a lease 6 1.3 Identifying

More information

(1) FEE (the Federation of European Accountants) is pleased to comment on the IASB Exposure Draft Leases (the ED ).

(1) FEE (the Federation of European Accountants) is pleased to comment on the IASB Exposure Draft Leases (the ED ). Sir David Tweedie Chairman International Accounting Standards Board 30 Cannon Street GB LONDON EC4M 6XH E-mail: commentletters@ifrs.org 21 January 2011 Ref.: ACC/PRJ/TSI/IDS Dear Sir David, Re: FEE Comments

More information

IFRS in Focus. On track for a revised exposure draft on leases. IFRS Global office October Contents

IFRS in Focus. On track for a revised exposure draft on leases. IFRS Global office October Contents IFRS Global office October 2012 IFRS in Focus On track for a revised exposure draft on leases Contents Introduction Scope Definition of a lease Short-term leases Inception verses commencement Lease term

More information

New Zealand Equivalent to International Accounting Standard 40 Investment Property (NZ IAS 40)

New Zealand Equivalent to International Accounting Standard 40 Investment Property (NZ IAS 40) New Zealand Equivalent to International Accounting Standard 40 Investment Property (NZ IAS 40) Issued November 2004 and incorporates amendments up to and inlcuding 28 February 2014 This Standard was issued

More information

LKAS 17 Sri Lanka Accounting Standard LKAS 17

LKAS 17 Sri Lanka Accounting Standard LKAS 17 Sri Lanka Accounting Standard LKAS 17 Leases CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 17 LEASES paragraphs OBJECTIVE 1 SCOPE 2 DEFINITIONS 4 CLASSIFICATION OF LEASES 7 LEASES IN THE FINANCIAL STATEMENTS

More information

July 17, Technical Director File Reference No Re:

July 17, Technical Director File Reference No Re: July 17, 2009 Technical Director File Reference No. 1680-100 Re: Financial Accounting Standards Board ( FASB ) and International Accounting Standards Board ( IASB ) Discussion Paper titled Leases: Preliminary

More information

December 15, International Accounting Standards Board 30 Cannon Street, London EC4M 6XH United Kingdom. Dear Sirs,

December 15, International Accounting Standards Board 30 Cannon Street, London EC4M 6XH United Kingdom. Dear Sirs, December 15, 2010 30 Cannon Street, London EC4M 6XH United Kingdom Dear Sirs, This letter is the response of the Canadian Accounting Standards Board (AcSB) to the Exposure Draft, Leases issued jointly

More information

EN Official Journal of the European Union L 320/323

EN Official Journal of the European Union L 320/323 29.11.2008 EN Official Journal of the European Union L 320/323 INTERNATIONAL ACCOUNTING STANDARD 40 Investment property OBJECTIVE 1 The objective of this standard is to prescribe the accounting treatment

More information

Repsol is very pleased to provide comments on the Exposure Draft Leases (ED2013/6), issued by the IASB on 16 May 2013.

Repsol is very pleased to provide comments on the Exposure Draft Leases (ED2013/6), issued by the IASB on 16 May 2013. Madrid, 13 September, 2013 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir/Madam, Re: Leases Repsol is very pleased to provide comments on the Exposure

More information

How European Standard Setters See the Proposals: Views from the German Accounting Standards Board

How European Standard Setters See the Proposals: Views from the German Accounting Standards Board How European Standard Setters See the Proposals: Views from the German Accounting Standards Board Liesel Knorr London, 22 May 2009-1 - DRSC e.v /Liesel Knorr/London, 22 May 2009 Scope of lease accounting

More information

ABRAHAM E. HASPEL CPA

ABRAHAM E. HASPEL CPA ABRAHAM E. HASPEL CPA Comments on the Financial Accounting Standard Board s: Proposed Accounting Standard Update Leases (Topic 840) (ED) I am pleased to submit the following comments in response to the

More information

How the lease accounting proposal might affect your company

How the lease accounting proposal might affect your company Applying IFRS How the lease accounting proposal might affect your company August 2013 Contents 1. Overview... 1 2. Identifying a lease... 2 2.1 Scope exclusions... 2 2.2 Definition of a lease... 3 2.2.1

More information

LEASES CONTINUING FORWARD IFRS NEWSLETTER

LEASES CONTINUING FORWARD IFRS NEWSLETTER IFRS NEWSLETTER LEASES Issue 15, June 2014 Despite the significant divergence on key aspects of their lease proposals earlier this year, the Boards appear determined to finalise this long running project

More information

Mr. Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom.

Mr. Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom. Mr. Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom 13 September 2013 Dear Mr Hoogervorst, ED/2013/6 Leases Standard Chartered PLC (the

More information

Re: ED/2013/6 Exposure Draft Leases

Re: ED/2013/6 Exposure Draft Leases Box 348, Commerce Court West 199 Bay Street, 30 th Floor Toronto, Ontario, Canada M5L 1G2 www.cba.ca Marion G. Wrobel Vice-President Policy and Operations Tel: (416) 362-6093 Ext. 277 mwrobel@cba.ca September

More information

Sri Lanka Accounting Standard LKAS 40. Investment Property

Sri Lanka Accounting Standard LKAS 40. Investment Property Sri Lanka Accounting Standard LKAS 40 Investment Property LKAS 40 CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 40 INVESTMENT PROPERTY paragraphs OBJECTIVE 1 SCOPE 2 DEFINITIONS 5 CLASSIFICATION OF PROPERTY

More information

A Review of IFRS 16 Leases By Tan Liong Tong

A Review of IFRS 16 Leases By Tan Liong Tong A Review of IFRS 16 Leases By Tan Liong Tong In April 2016, the MASB issued MFRS 16 Leases that is identical to IFRS 16 Leases issued by the IASB in January 2016. The effective date of this new MFRS is

More information

IFRS industry insights

IFRS industry insights IFRS Global Office September 2011 IFRS industry insights The Leases Project An update for the consumer business industry The tentative decision to limit the extent to which variable payments are estimated

More information

International Financial Reporting Standards (IFRSs ) 2004

International Financial Reporting Standards (IFRSs ) 2004 International Financial Reporting Standards (IFRSs ) 2004 including International Accounting Standards (IASs ) and Interpretations as at 31 March 2004 The IASB, the IASCF, the authors and the publishers

More information

Sri Lanka Accounting Standard-LKAS 17. Leases

Sri Lanka Accounting Standard-LKAS 17. Leases Sri Lanka Accounting Standard-LKAS 17 Leases -516- Sri Lanka Accounting Standard-LKAS 17 Leases Sri Lanka Accounting Standard LKAS 17 Leases is set out in paragraphs 1 69. All the paragraphs have equal

More information

IFRS 15 and IFRS 16 Webinar

IFRS 15 and IFRS 16 Webinar CPA Ireland Skillnet CPA Ireland Skillnet, is a training network that is funded by Skillnets, a state funded, enterprise led support body dedicated to the promotion and facilitation of training and up-skilling

More information

This version includes amendments resulting from IFRSs issued up to 31 December 2009.

This version includes amendments resulting from IFRSs issued up to 31 December 2009. International Accounting Standard 40 Investment Property This version includes amendments resulting from IFRSs issued up to 31 December 2009. IAS 40 Investment Property was issued by the International

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET February 2011 IAS 17 Leases (This fact sheet is based on the standard as at 1 January 2011.) Important note: This fact sheet is based on the requirements of the International Financial Reporting

More information

LEASE ACCOUNTING UNDER IFRS 16 AND IAS 17 A COMPARATIVE APPROACH

LEASE ACCOUNTING UNDER IFRS 16 AND IAS 17 A COMPARATIVE APPROACH 78 LEASE ACCOUNTING UNDER IFRS 16 AND IAS 17 A COMPARATIVE APPROACH Lecturer PhD. Cristina Aurora BUNEA-BONTAȘ Constantin Brancoveanu University of Pitesti, Romania Email: bontasc@yahoo.com Abstract: In

More information

There are two main reasons why leases may need to be reclassified under the Code.

There are two main reasons why leases may need to be reclassified under the Code. 4.2 Leases and Lease Type Arrangements A - Reclassification of Leases The requirements of the Code in respect of lease classification are different to those of the SORP. Authorities will therefore need

More information

The future of lease accounting

The future of lease accounting IFRS LEASES NEWSLETTER July 2011, Issue 7 The future of lease accounting Highlights Boards announce formal re-exposure of leasing proposals Lessors to apply a single receivable and residual model Leases

More information

WEEK 6 ACCOUNTING FOR LEASES IAS 17

WEEK 6 ACCOUNTING FOR LEASES IAS 17 WEEK 6 ACCOUNTING FOR LEASES IAS 17 Learning Objectives Discuss the Classification of Leases Understand Sale and Leaseback Transactions Explain the accounting procedure in IAS 17 Highlight the disclosure

More information

Headline Verdana Bold The evolutions of leases accounting under IFRS 16 Mariano Bruno, Carlo Laganà, Giuseppe Ambrosio, Deloitte & Touche S.p.A.

Headline Verdana Bold The evolutions of leases accounting under IFRS 16 Mariano Bruno, Carlo Laganà, Giuseppe Ambrosio, Deloitte & Touche S.p.A. SHIPPING AND THE LAW 7^ Edition 25-26 October 2016 NAPLES Headline Verdana Bold The evolutions of leases accounting under IFRS 16 Mariano Bruno, Carlo Laganà, Giuseppe Ambrosio, Deloitte & Touche S.p.A.

More information

EXPOSURE DRAFT. Hong Kong Accounting Standard 40. Investment Property

EXPOSURE DRAFT. Hong Kong Accounting Standard 40. Investment Property EXPOSURE DRAFT Hong Kong Accounting Standard 40 Investment Property 1 Contents Hong Kong Accounting Standard 40 Investment Property paragraphs OBJECTIVE 1 SCOPE 2-4 DEFINITIONS 5-15 RECOGNITION 16-19 MEASUREMENT

More information

FASB Leases Topic 842

FASB Leases Topic 842 FASB Leases Topic 842 Date of Entry: 9/3/2013 Respondent information Type of entity or individual: Preparer Contact information: Organization: Name: Hilltop Basic Resources, Inc. Paul J Hennekes Email

More information

Response to the IASB Exposure Draft Leases

Response to the IASB Exposure Draft Leases Response to the IASB Exposure Draft Leases 13 September 2013 CA House 21 Haymarket Yards Edinburgh EH12 5BH enquiries@icas.org.uk +44 (0)131 347 0100 icas.org.uk Direct: +44 (0)131 347 0252 Email: ahutchinson@icas.org.uk

More information

LEASES WHERE ARE WE? Steve Rathjen

LEASES WHERE ARE WE? Steve Rathjen LEASES WHERE ARE WE? Steve Rathjen 267 256-3110 srathjen@kpmg.com Agenda Project status Lease definition and classification Lessee accounting Lessor accounting Presentation, disclosures, and transition

More information

Fulfilment of the contract depends on the use of an identified asset; and

Fulfilment of the contract depends on the use of an identified asset; and ANNEXE ANSWERS TO SPECIFIC QUESTIONS Question 1: identifying a lease This revised Exposure Draft defines a lease as a contract that conveys the right to use an asset (the underlying asset) for a period

More information

IFRS Update Guy Thomas, CPA, CA

IFRS Update Guy Thomas, CPA, CA IFRS Update Guy Thomas, CPA, CA D&Co IFRS update Agenda 3 new standards under IFRS IFRS 9 Financial Instruments IFRS 15 Revenue from Contracts with Customers IFRS 16 Leases Agenda Some narrow scope amendments

More information

Our specific concerns and responses to questions are addressed below.

Our specific concerns and responses to questions are addressed below. TRW Automotive 2013-270 September 14, 2013 12001 Tech Center Drive Livonia, Michigan 48150 Tel 734-855-3119 Mr. Russell Golden Chairman Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk,

More information

Snapshot: Leases Preliminary Views

Snapshot: Leases Preliminary Views March 2009 Discussion Paper DP/2009/1 Snapshot: Leases Preliminary Views This snapshot is a quick introduction to the discussion paper Leases Preliminary Views. The project is being undertaken jointly

More information

IFRS 16 Leases. Presented by Anton van Wyk M. Com CA (SA)

IFRS 16 Leases. Presented by Anton van Wyk M. Com CA (SA) IFRS 16 Leases Presented by Anton van Wyk M. Com CA (SA) Why a new IFRS for leases? Information reported about operating leases lacked transparency and did not meet the needs of users of financial statements

More information

SSAP 14 STATEMENT OF STANDARD ACCOUNTING PRACTICE 14 LEASES

SSAP 14 STATEMENT OF STANDARD ACCOUNTING PRACTICE 14 LEASES SSAP 14 STATEMENT OF STANDARD ACCOUNTING PRACTICE 14 LEASES (Issued October 1987; revised February 2000) The standards, which have been set in bold italic type, should be read in the context of the background

More information

EFRAG 35 Square de Meeûs B-1000 Brussels BELGIUM 26 November Dear Françoise,

EFRAG 35 Square de Meeûs B-1000 Brussels BELGIUM 26 November Dear Françoise, Organismo Italiano di Contabilità OIC (The Italian Standard Setter) Italy, 00187 Roma, Via Poli 29 Tel. 0039/06/6976681 fax 0039/06/69766830 e-mail: presidenza@fondazioneoic.it EFRAG 35 Square de Meeûs

More information

Applying IFRS in Financial Services

Applying IFRS in Financial Services Applying IFRS in Financial Services IASB issues new leases standard - financial services April 2016 Contents Overview 2 1. Key considerations 3 1.1 Scope and scope exclusions 3 1.2 Definition of a lease

More information

HKAS 40 Revised January 2017April Hong Kong Accounting Standard 40. Investment Property

HKAS 40 Revised January 2017April Hong Kong Accounting Standard 40. Investment Property HKAS 40 Revised January 2017April 2017 Hong Kong Accounting Standard 40 Investment Property HKAS 40 COPYRIGHT Copyright 2017 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial

More information

Impact on Financial Statements of New Accounting Model for Leases

Impact on Financial Statements of New Accounting Model for Leases University of Connecticut DigitalCommons@UConn Honors Scholar Theses Honors Scholar Program Spring 5-8-2011 Impact on Financial Statements of New Accounting Model for Leases Wenqi Ma University of Connecticut

More information

Business Combinations

Business Combinations International Financial Reporting Standard 3 Business Combinations This version was issued in January 2008. Its effective date is 1 July 2009. It includes amendments resulting from IFRSs issued up to 31

More information

IFRS Link. Contents. Newsletter. 1 IASB 11 EU Endorsement

IFRS Link. Contents. Newsletter. 1 IASB 11 EU Endorsement IFRS Link Newsletter Issue 25 Contents 1 IASB 11 EU Endorsement New standard on accounting for leases With IFRS 16 Leases, the IASB published a new standard on accounting for leases on 13 January 2016.

More information

Exposure Draft Leases EFRAG s draft comment letter

Exposure Draft Leases EFRAG s draft comment letter Exposure Draft Leases EFRAG s draft comment letter Comments should be submitted by 6 September 2013 to Commentletters@efrag.org 8 July 2013 International Accounting Standards Board 30 Cannon Street London

More information

Exposure Draft on Leases ED/2010/9

Exposure Draft on Leases ED/2010/9 CANADIAN FINANCE & LEASING ASSOCIATION ASSOCIATION CANADIENNE DE FINANCEMENT ET DE LOCATION BY Email: commentletters@iasb.org International Accounting Standards Board 30 Cannon Street London EC4M 6XH United

More information

Lease Accounting Standard Update ASU Presented by: Nicholas Hoefel, CPA Manager, Audit Services Group

Lease Accounting Standard Update ASU Presented by: Nicholas Hoefel, CPA Manager, Audit Services Group Lease Accounting Standard Update ASU 2016-02 Presented by: Nicholas Hoefel, CPA Manager, Audit Services Group 1 Overview Introduction Background and current environment Effective dates and transition Key

More information

Proposed Accounting Standards Update (Revised)

Proposed Accounting Standards Update (Revised) Proposed Accounting Standards Update (Revised) Issued: May 16, 2013 Comments Due: September 13, 2013 Leases (Topic 842) a revision of the 2010 proposed FASB Accounting Standards Update, Leases (Topic 840)

More information

New IFRS 15 & IFRS 16 standards The impact on M&A transactions. New IFRS 15 & IFRS 16 standards The impact on M&A transactions

New IFRS 15 & IFRS 16 standards The impact on M&A transactions. New IFRS 15 & IFRS 16 standards The impact on M&A transactions New IFRS 15 & IFRS 16 standards The impact on M&A transactions 0 Contents Introduction 1 Executive summary 3 New revenue recognition standard IFRS 15 5 New lease standard IFRS 16 9 We can assist you in

More information

[TO BE PUBLLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

[TO BE PUBLLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] [TO BE PUBLLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30 th March, 2019 G.S.R. (E).

More information

Practical guide to IFRS 19 September 2010

Practical guide to IFRS 19 September 2010 Practical guide to IFRS 19 September 2010 Leasing overhauling lease accounting Latest instalment: a joint IASB/FASB exposure draft At a glance The International Accounting Standards Board (IASB) and the

More information