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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

Need to know — FRC consults on changes to FRS 102 to reflect recent changes in IFRSs

10 Oct 2016

The FRC has published a Consultation Document Triennial review of UK and Ireland accounting standards – Approach to changes in IFRS. This forms part of the first triennial review of FRS 102 and sets the direction of travel for UK GAAP. Areas under discussion within this Consultation include revenue recognition, leases and impairment model for financial assets. This Need to know discusses this Consultation.

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.

EFRAG endorsement status report 12 September 2016

13 Sep 2016

This endorsement status report update reflects that the International Accounting Standards Board (IASB) published 'Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts'' on 12 September 2016. It also offers an updated estimation regarding the timing of EFRAG's draft and final endorsement advice on IFRS 16 'Leases'.

Thinking Allowed — The new lease accounting

31 Aug 2016

This publication explains the new requirements and gives you some tools for assessing how your financial statements are likely to be affected. It identifies the areas where accounting judgement will be required—mainly around identifying whether you have a lease or a service agreement, or both; renewal options; and determining the discount rate, particularly on property leases.

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.

Leases — A guide to IFRS 16

05 Jul 2016

This guide, in addition to providing a detailed summary and explanations of the requirements of IFRS 16 'Leases' covering all of the requirements of the standard, includes (1) an executive summary; (2) a section focusing specifically on the practicalities of transition; (3) ‘thinking it through’ practical tips interspersed throughout the detailed guide; (4) presentation/disclosure checklists; and (5) a high level IFRS/US GAAP comparison.

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'.

EFRAG endorsement status report 17 May 2016

17 May 2016

This endorsement status report update reflects that EFRAG published draft endorsement advice on 'Clarifications to IFRS 15'. Endorsement is currently expected in the first quarter of 2017.

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.

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.