At its meeting on October 20, 2015, the IASB met to finalize deliberations on the new Leases Standard. The IASB specifically discussed: (i) sweep issues that arose as part of the drafting process; and (ii) the effective date of the new Leases Standard.

The IASB tentatively decided: (i) to require an entity to apply the new Leases Standard for annual periods beginning on or after January 1, 2019; and (ii) to permit an entity to apply the new Leases Standard early if the entity also applies IFRS 15, Revenue from Contracts with Customers at or before the date of early application.

Also, the IASB tentatively decided not to require any disclosures for leases within the scope of IFRS 5, Non-current Assets Held for Sale and Discontinued Operations beyond those required by that Standard.

This meeting concluded the deliberations on the new Leases Standard. The staff will proceed to balloting the new Standard.

Review the IASB Update.