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IFRS 16 resources

IFRS 16 Leases has been published and is effective for periods beginning on or after 1 January 2019.  The FRC expects companies to apply this new standard properly and provide sufficient specific disclosure of the impact including key judgements made and clear communication of the transition methods adopted. It has published a thematic review to help companies with disclosures in this area.    

This page includes all of our resources on IFRS 16 to help preparers for the forthcoming reporting season.  It includes links to:

Additionally this page includes groupings for:

IFRS 16 resources

IASB publishes proposed amendment regarding COVID-19-related rent concessions

24 Apr 2020

The International Accounting Standards Board (IASB) has published an exposure draft 'Covid-19-Related Rent Concessions (Proposed amendment to IFRS 16)' that contains a proposed amendment that would provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. Comments are requested by 8 May 2020.

EFRAG draft comment letter on IBOR ED

23 Apr 2020

The European Financial Reporting Advisory Group (EFRAG) has published a draft comment letter on the IASB exposure draft ED/2020/1 'Interest Rate Benchmark Reform — Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)'.

IASB holds meeting dedicated to COVID-19 issues

17 Apr 2020

In advance of its regular meeting next week, the IASB held a supplementary IASB meeting today to consider COVID-19-related matters: the Board's timelines in view of the COVID-19 pandemic and accounting for COVID-19-related rent concessions.

Need to know — IASB proposes Interest Rate Benchmark Reform — Phase 2: Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16

16 Apr 2020

This Need to know outlines the proposed amendments set out in Exposure Draft ED/2020/1 'Interest Rate Benchmark Reform — Phase 2: Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16' published by the International Accounting Standards Board (IASB) on 9 April 2020.

DPOC discusses shortened comment periods for exposure drafts the IASB might decide to publish

16 Apr 2020

The Due Process Oversight Committee (DPOC) of the IFRS Foundation held a conference call today to discuss shortened comment letter periods for two exposure drafts the IASB might decide tomorrow to publish in the context of the COVID-19 pandemic.

IASB publishes COVID-19 guidance on IFRS 16, will discuss COVID-19 implications in supplementary meeting

11 Apr 2020

The International Accounting Standards Board (IASB) has published a document responding to questions regarding the application of IFRS 16 'Leases' during the period of enhanced economic uncertainty arising from the COVID-19 pandemic. In a supplementary meeting, the IASB will discuss the matter further and will also consider effective dates, consultations periods and publication dates in general.

IASB publishes proposed amendments as a result of the second phase of its project on the IBOR reform

09 Apr 2020

The International Accounting Standards Board (IASB) has published an exposure draft 'Interest Rate Benchmark Reform — Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)' that contains proposed amendments that would address issues that might affect financial reporting after the reform of an interest rate benchmark, including its replacement with alternative benchmark rates. Comments are requested by 25 May 2020.

ESMA publishes 24th enforcement decisions report

03 Apr 2020

The European Securities and Markets Authority (ESMA) has published further extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IFRS 15 (three decisions), IFRS 7, IFRS 9/IAS 12, IFRS 10, IAS 34, and IFRS 15/IFRS 16.

FRC announces thematic reviews for 2020/2021

16 Dec 2019

The Financial Reporting Council (FRC) has announced the corporate reporting and audit quality thematic reviews that it will undertake in 2020/21.

Deloitte e-learning — IFRS 16 (basic)

03 Dec 2019

This Deloitte e-learning module provides training in the background, scope and principles under IFRS 16 'Leases', and the application of this standard. In this e-learning module you will learn about how to identify whether a contract is within the scope of the standard and the key principles of lease accounting.

We comment on five IFRS Interpretations Committee tentative agenda decisions

25 Nov 2019

We have published our comment letters on IFRS Interpretations Committee tentative agenda decisions related to IAS 21, IAS 29, IFRS 15, and IFRS 16, as published in the September 2019 IFRIC Update.

Deloitte comment letter on tentative agenda decision on IFRS 16 — Definition of a lease — Shipping contract

25 Nov 2019

We have commented on the IFRS Interpretations Committee's publication in the September 2019 IFRIC Update of the tentative decision not to take onto the Committee's agenda the request for clarification on whether in the specific fact pattern presented the customer has the right to direct the use of a ship throughout the five-year term of a particular contract.

Governance in brief — FRC issues advice on annual reports for 2019/20 reporting season

14 Nov 2019

The FRC has issued its Annual Review of Corporate Reporting and annual open letter to finance directors and audit committee chairs covering its perspectives on key developments and areas of focus for 2019/20 annual reports. The report sets out the FRC’s “expectations for corporate reporting to improve trust in business”, emphasising the annual report is a vehicle of trust and stewardship.

IFRS model financial statements 2019

08 Nov 2019

Deloitte's Global IFRS Office has released 'International GAAP Holdings Limited — Model financial statements for the year ended 31 December 2019'.

IFRS model financial statements 2019 — Appendix 2: IFRS 16 — Transition using the cumulative catch-up approach

08 Nov 2019

The model financial statements of International GAAP Holdings Limited illustrate the initial application of IFRS 16 using a full retrospective approach. This Appendix illustrates the changes required on initial application using the cumulative catch-up approach.

FRC publishes the results of its IFRS 16 thematic review

06 Nov 2019

The Financial Reporting Council (FRC) has published the results of its thematic review looking at the interim disclosures made by companies in the first year of application of IFRS 16 “Leases”.

FRC publishes findings on the quality of corporate reporting in 2018/2019

30 Oct 2019

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting 2018/2019, which provides the FRC's assessment of corporate reporting in the UK based on evidence from a variety of sources, including the work of the FRC's own Corporate Reporting Review (CRR) team.

ESMA announces enforcement priorities for 2019 financial statements

22 Oct 2019

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2019 financial statements will focus on.

Short-term leases

19 Sep 2019

This publication provides a step-by-step explanation of the accounting implications of the various subsequent changes that might impact a short-term lease’s classification using practical and easy to follow examples.

Deloitte e-learning — IFRS 16 (advanced)

26 Aug 2019

This Deloitte e-learning module provides training in the background, scope and principles under IFRS 16 'Leases', and the application of this standard. This e-learning builds on the 'IFRS 16 Leases (basic)' e-learning module. In this module, you will deeper dive into the key principles of lease accounting and learn about areas of potential judgment in applying IFRS 16.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.