Contents
IFRS 16 ‘Leases’ is a standard that impacts most reporting entities that apply IFRS Accounting Standards and are involved in leasing assets and can have a substantial impact on the financial statements of lessees of property and high-value equipment.
Although IFRS 16 has been in effect since 2019, there are still a number of areas that can be challenging in practice. Our ‘Insights into IFRS 16’ series summaries key areas of the standard and aims to demystify those key requirements that are challenging to apply in practice. This article considers the definition of a lease when applying IFRS 16.
Authors
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Sarah Carroll
Sarah is the global head of the IFRS and corporate reporting team focussing on the consistent application of both International Financial Reporting Standards (IFRS) and sustainability reporting standards.View Profile
