Summary of IFRS 16 Scope IFRS 16 Leases applies to all leases, including subleases, except for: [IFRS 16:3] leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources; leases of biological assets held by a lessee (see IAS 41 Agriculture); ...
That’s very short summary of IFRS 16, but if you want to know more, I published a few articles about it, they are freely available here. If you really need to know it well, then I recommend checking out my IFRS Kit that teaches you IFRS 16 and other standards in a very easy way...
This tutorial shows you how to plan for Capital lease assets with IFRS16 Standard support enabled, as well as import existing leased assets. The sections build on each other and should be completed sequentially. Background With Capital, you can manage, prioritize, and plan for capital expenses....
For companies that adhere to ASC 842 or IFRS 16, when lease terms are modified or a lease is extended, adjusting the lease is required.Follow these steps to adjust a lease:Go to Asset leasing > Leases > Lease Summary and select the lease that requires modification....
For companies that adhere to ASC 842 or IFRS 16, when lease terms are modified or a lease is extended, adjusting the lease is required. Follow these steps to adjust a lease: Go toAsset leasing > Leases > Lease Summaryand select the lease that requires modification. ...
Summary of accounting entries under IFRS 16: WhenWhatHow muchDebitCredit At the commencementRight-of-use asset + lease liability23 341Right-of-use assetLease liability At the end of the year 1Interest1 167P/L: Interest expenseLease liability ...
For companies that adhere to ASC 842 or IFRS 16, when lease terms are modified or a lease is extended, adjusting the lease is required.Follow these steps to adjust a lease:Go to Asset leasing > Leases > Lease Summary and select the lease that requires modification....
Go toAsset leasing > Leases > Lease summary. On the Action Pane, selectNew. On theGeneralFastTab, in theLease descriptionfield, enter the lease name. In theFair value of the assetfield, enter the fair value, which is normally included in the contract for the lease. If the contract doesn...
11.ASC 842 vs. IFRS 16: What are the differences? 12.ASC 842 software: What are the benefits? More opportunities for lease management Improvements to accounting accuracy Modifications, renewals, and other day two accounting Improved budgeting and forecasting ...
Summary Adoption of the IFRS 16 accounting standard for leases is starting to impact balance sheets for companies that choose to lease rather than buy assets. As a result, almost all leases are on the balance sheet. The EY survey shows that companies in the air travel, retail and transportati...