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IASB publishes update on the definition of a lease

  • IFRS - IASB Image

Oct 29, 2015

On October 29, 2015, the IASB staff published a short project update providing an overview of how a lease will be defined in the IASB's new standard on leases. It also includes a working draft of the application guidance and accompanying illustrative examples to be included in the forthcoming standard on the definition of a lease.

The staff are providing the update to help stakeholders prepare for the implementation of the new standard. They point out that it is likely that the first step to be undertaken in implementing the standard will be to determine the population of contracts to which the standard applies, which will be determined by the definition of a lease. Please note that although the IASB has completed its decision making for the leases project, the final standard is still in drafting and is subject to possible further refinements.

Review the update on the IASB's Web Site.

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