IFRS 16 news

Whilst leases do not feature in the Financial Reporting Councils (FRC's) top ten findings for 2022/23, the FRC's previously issued IFRS 16 thematic, sets out the FRC's expectations for high-quality reporting in this area and highlights those areas where improvements to reporting quality have been identified in the past.  The FRC expects to see:

  • Accounting policies tailored to the company’s specific circumstances, covering all material aspects of leasing arrangements (eg accounting for non-lease
    components, sale and leaseback transactions and the company’s activities as a lessor).
  • Disclosure clearly explaining the significant judgements made by management (particularly to determine the lease term) and estimation uncertainty.
  • Adequate presentation of leasing arrangements in primary statements
  • Sufficient level of qualitative and quantitative information in respect of the company’s leasing arrangements and their financial effects.
  • Material balance sheet movements in right of use assets and lease liability balances explained.
  • Clear explanation of the circumstances in which the interest rate implicit in the lease can be determined.
  • European Securities and Markets Authority guidelines being followed for alternative performance measures (APMs) presented. 

This page provides all of our news items related to IFRS 16.

Related news

FRC consults on amendments to FRS 101

14 Dec, 2016

The Financial Reporting Council (FRC) has issued, for comment Financial Reporting Exposure Drafts (FRED) 66 proposing limited amendments to FRS 101 ‘Reduced Disclosure Framework’.

FRAB minutes for November 2016 meeting released

30 Nov, 2016

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 24 November 2016 have been made available on the HM Treasury website.

EFRAG seeks users’ views on the endorsement of IFRS 16

07 Nov, 2016

On 12 October 2016, the European Financial Reporting Advisory Group (EFRAG) issued a preliminary consultation document relating to the endorsement for use in the EU of IFRS 16 'Leases'. This consultation document has now been supplemented by a questionnaire for users.

EFRAG consults on IFRS 16 endorsement

12 Oct, 2016

The European Financial Reporting Advisory Group (EFRAG) has issued a preliminary consultation document relating to the endorsement for use in the EU of IFRS 16 'Leases'.

Webcast on IFRS 9, IFRS 15, and IFRS 16 and the IASB's future priorities

07 Oct, 2016

In connection with the upcoming meeting of the IFRS Foundation's Trustees in New Delhi, the IFRS Foundation and the Institute of Chartered Accountants of India (ICAI) are jointly organising a webcast on recent standards and future priorities.

ISAR workshop on IFRS 15 and IFRS 16

05 Oct, 2016

The thirty-third session of the United Nations Conference on Trade and Development (UNCTAD) Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) is currently being held in Geneva. Before the session, there was a workshop on 3 October on recent developments on IFRS.

Joint investor outreach on leases and recent IFRS 4 amendments

04 Oct, 2016

The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS), the Italian stanard-setter Organismo Italiano di Contabilità (OIC), and the Associazione Italiana degli Analisti e Consulenti Finanziari (AIAF) will host a joint event on 29 November in Milan. The event will be held in English and will also include speakers from the IASB.

FRC consults on changes to FRS 102 to reflect recent changes in IFRS

27 Sep, 2016

The Financial Reporting Council (FRC) has today published a Consultation Document containing proposals to update Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ to reflect recent changes in International Financial Reporting Standards (IFRSs).

Deloitte releases e-learning modules on IFRS 16

16 Sep, 2016

Deloitte’s Global Audit Learning group has released two e-learning modules on IFRS 16 (basic and advanced). These new modules are an addition to the extensive catalogue of IFRS e-learning content made freely available by Deloitte.

FRAB minutes for June 2016 meeting released

17 Aug, 2016

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 23 June 2016 have been made available on the HM Treasury website.

HMRC consults on changes to lease taxation as a result of IFRS 16

12 Aug, 2016

HM Revenue and Customs (HMRC) has published a consultation on the impact of International Financial Reporting Standard (IFRS) 16 ‘Leases’ on the taxation of leases of plant or machinery and possible options to address those impacts.

ICAEW and IFRS Foundation announce IFRS 16 conference

21 Jul, 2016

The IFRS Foundation, along with the Institute of Chartered Accountants in England and Wales (ICAEW), will be hosting an IFRS conference on the implementation of IFRS 16, "Leases," in London on 7 October 2016.

EFRAG issues feedback summary on recent leases outreach event

20 Jul, 2016

The European Financial Reporting Advisory Group (EFRAG) has issued a summary of the feedback received on a joint leases outreach event co-hosted by the European Federation of Financial Analysts Societies (EFFAS), and the Association Belge des Analystes Financiers (ABAF/BVFA) on 5 July.

IASB posts webcast on IFRS 16 lessee measurement

30 Jun, 2016

As part of the IASB's webcast series on IFRS 16 implementation, the IASB staff has made available a webcast discussing the measurement requirements for lessees in IFRS 16 'Leases'.

EFRAG, EFFAS and ABAF/BVFA joint investor outreach on leases

20 May, 2016

The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS), and the Association Belge des Analystes Financiers (ABAF/BVFA) will host a joint event on 5 July in Brussels on new leases standard, IFRS 16.

IASB publishes editorial corrections

20 May, 2016

The IASB has published editorial corrections to consequential amendments made by IFRS 16 'Leases'.

IASB posts webcast featuring Sue Lloyd on IFRS 16 exemptions

03 May, 2016

As part of the IASB's webcast series on IFRS 16 implementation, the IASB staff has made available a webcast on recognition exemptions for lessees, featuring IASB board member Sue Lloyd.

ICAEW to hold a technical update event

19 Apr, 2016

The Institute of Chartered Accountants in England and Wales (ICAEW) is holding a technical update event in May for recently qualified members.

IASB webcast on the definition of a lease now available

13 Apr, 2016

As part of the IASB webcast series on IFRS 16 implementation, the IASB staff has made available a webcast related to the definition of a lease.

IASB Chairman discusses lease accounting

01 Apr, 2016

IASB Chairman Hans Hoogervorst has written an article “Shining the Light on Leases” that discusses the problems with current lease accounting requirements and how the IASB addresses these in its new standard IFRS 16 'Leases'.

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