Major publications on IFRS 16

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 major publications related to IFRS 16.

Related Publications

Need to know — Periodic review of FRS 102 Image

Need to know — Periodic review of FRS 102

09 Mar, 2023

This Need to know outlines the proposals set out by the Financial Reporting Council's (FRC's) exposure draft, Financial Reporting Exposure Draft (FRED) 82 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review' (FRED 82) which proposes to make significant amendments to FRS 102 and the other UK accounting standards as part of its periodic review of the UK financial reporting framework.

Need to know — Financial reporting: IASB amends IFRS 16 Leases to add subsequent measurement requirements for lease liabilities arising from sale and leaseback transactions Image

Need to know — IASB amends IFRS 16 Leases to add subsequent measurement requirements for lease liabilities arising from sale and leaseback transactions

18 Oct, 2022

This Need to know outlines the amendments to IFRS 16 'Leases' titled 'Lease Liability in a Sale and Leaseback', published by the International Accounting Standards Board (IASB) in September 2022.

Governance in focus — On the board agenda 2022 Image

Governance in focus — On the board agenda 2022

03 Dec, 2021

As 2021 draws to a close, our annual review of board topics will stimulate your thinking and help prepare you for the year ahead. Across the board, expectations of business are rising and it is this demanding environment which shapes the articles in this year’s publication.

Governance in brief - FRC issues advice on annual reports for 2021/22 reporting season Image

Governance in brief — FRC issues advice on annual reports for 2021/22 reporting season

11 Nov, 2021

The FRC issues advice on annual reports for 2020/21 reporting season

Need to know-IASB publishes amendment to IFRS 16 to extend the practical relief on COVID-19-related rent concessions Image

Need to know — IASB publishes amendment to IFRS 16 to extend the practical relief on COVID-19-related rent concessions

12 Apr, 2021

This Need to know outlines the recent amendment to IFRS 16 Leases titled Covid-19-Related Rent Concessions beyond 30 June 2021, published by the International Accounting Standards Board (Board) in March 2021.

Need to know — IASB proposes amendment to IFRS 16 to extend the practical relief on rent concessions Image

Need to know — IASB proposes amendment to IFRS 16 to extend the practical relief on rent concessions

15 Feb, 2021

This Need to know outlines the proposed amendment to IFRS 16 Leases set out in ED/2021/2 Covid-19-Related Rent Concessions beyond 30 June 2021, published by the International Accounting Standards Board (Board) in February 2021.

Need to know — IASB proposes to amend IFRS 16 Leases to clarify the measurement of lease liabilities in sale and leaseback transactions Image

Need to know — IASB proposes to amend IFRS 16 Leases to clarify the measurement of lease liabilities in sale and leaseback transactions

07 Dec, 2020

This Need to know addresses the proposed amendment to IFRS 16 Leases set out in Exposure Draft ED/2020/4 'Lease Liability in a Sale and Leaseback — Proposed amendment to IFRS 16' published by the International Accounting Standards Board in November 2020.

FRC issues advice on annual reports for 2019/20 reporting season Image

Governance in brief - FRC issues advice on annual reports for 2020/21 reporting season

23 Nov, 2020

FRC issues advice on annual reports for 2019/20 reporting season

Need to know — IASB issues 'Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)' Image

Need to know — IASB issues 'Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)'

09 Sep, 2020

This 'Need to know' addresses the amendments to IFRS 9 'Financial Instruments', IAS 39 'Financial Instruments: Recognition and Measurement', IFRS 7 'Financial Instruments: Disclosures', IFRS 4 'Insurance Contracts' and IFRS 16 'Leases' that have been published by the International Accounting Standards Board (Board). The amendments are titled 'Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)'.

Need to know — IASB finalises amendment to IFRS 16 'Leases' regarding COVID-19-related rent concessions Image

Need to know — IASB finalises amendment to IFRS 16 'Leases' regarding COVID-19-related rent concessions

04 Jun, 2020

This Need to know addresses the amendment to IFRS 16 'Leases' published by the IASB in May 2020, titled 'Covid-19-Related Rent Concessions'. This is an update of our earlier Need to know on the Exposure Draft.

Need to Know - IASB publishes package of narrow-scope amendments to IFRS Standards Image

Need to know — IASB publishes package of narrow-scope amendments to IFRS Standards

21 May, 2020

This Need to know addresses the recent package of narrow-scope amendments to IFRS Standards that was published by the IASB on 14 May 2020.

Need to know — IASB proposes to amend IFRS 16 'Leases' regarding COVID-19-related rent concessions Image

Need to know — IASB proposes to amend IFRS 16 'Leases' regarding COVID-19-related rent concessions

24 Apr, 2020

This publication addresses the proposed amendments to IFRS 16 'Leases' set out in Exposure Draft ED/2020/2 'COVID-19-Related Rent Concessions (Proposed amendments to IFRS 16)' published by the IASB in April 2020.

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 Image

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.

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

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.

Need to know - IASB publishes proposals for amendments under its Annual Improvement Process Image

Need to know — IASB publishes proposals for amendments under its Annual Improvement Process

28 May, 2019

The International Accounting Standards Board (IASB) has published an exposure draft ED/2019/2 'Annual Improvements to IFRS Standards 2018–2020'. It contains proposed amendments to four International Financial Reporting Standards (IFRSs) as result of the IASB's annual improvements project. Comments are requested by 20 August 2019.

Lease modifications – extending the lease term Image

Lease modifications – extending the lease term

21 May, 2019

This publication from Deloitte Hong Kong focuses on the extension of a lease. Specifically, it addresses the following issues: 1) What constitutes a lease modification? 2) When should a lease modification be accounted for? 3) What is the impact of a lease modification on the lease term? 4) How do the modification requirements interact with transition reliefs?

Governance in brief— FRC issues advice on annual reports for the 2018/19 reporting season Image

Governance in brief — FRC issues advice on annual reports for the 2018/19 reporting season

06 Dec, 2018

The Financial Reporting Council (FRC) has issued its Annual Review of Corporate Reporting and annual letter to finance directors and audit committee chairs covering its perspective on key developments for 2018/19 annual reports.

Need to know — Disclosing the new adoption of accounting standards in interim financial statements Image

Need to know — Disclosing the new adoption of accounting standards in interim financial statements

21 Jun, 2018

Both IFRS 9 'Financial Instruments' and IFRS 15 'Revenue from Contracts with Customers' are mandatorily effective for annual periods beginning on or after 1 January 2018. For many entities, the first financial statements reflecting adoption of these significant standards will be an interim report for the six months to June 2018. IFRS 16 'Leases' is also available for early adoption in 2018 financial statements.

POV IFRS 16 Leases Financial Services Image

Point of view — Financial Services — implications of the new leasing standard

07 Feb, 2017

With a year having passed since IFRS 16 'Leases' was issued many companies are getting to grips with what it will mean for them. This publication highlights the issues of interest to those in the financial services sector, whether they be lessees, lessors or lenders to lessees.

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