IFRS 16 resources

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 includes all of our resources on IFRS 16. It includes links to:

IFRS 16 resources

FRC publishes year-end advice to preparers in advance of the 2018/19 reporting season

25 Oct, 2018

The Financial Reporting Council (FRC) has published a letter to Audit Committee Chairs and Finance Directors, in advance of the 2018/19 reporting season, highlighting changes to reporting requirements and key matters which should be considered in the preparation of forthcoming annual reports and accounts.

FRC publishes findings on the quality of corporate reporting in 2017/2018

24 Oct, 2018

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Governance and Reporting 2017/2018, 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. The report also includes information on the level of compliance with the provisions of the UK Corporate Governance Code (“the Code”) as well as the quality of explanations and reporting provided by companies in their governance statements and committee reports.

Deloitte readiness survey highlights complexities around implementing the new Leases standards

07 Sep, 2018

As Deloitte accompanies organisations in their new Leases standards implementation projects, we identified a need for organisations to share their many challenges and to understand those faced by others in their jurisdictions, regions and industries around the world. In response, Deloitte launched the Global IFRS 16 and ASC 842 readiness survey, which highlights the challenges and complexities facing organisations when implementing IFRS 16 and ASC 842 across the world.

Navigating the impact of the new Leases Standards — A Deloitte Global IFRS 16 and ASC 842 readiness survey

07 Sep, 2018

IFRS model financial statements 2017 — Appendix 1: Early adoption of IFRS 16 'Leases'

10 Aug, 2018

This Appendix has been produced to complement the 'International GAAP Holdings Limited' Model financial statements for the year ended 31 December 2017. It focuses on the changes introduced by the requirements in IFRS 16 'Leases' which is effective for annual periods beginning on or after 1 January 2019 (earlier application is permitted if disclosed and if IFRS 15 'Revenue from Contracts with Customers' is also applied).

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.

CIPFA/LASAAC consults on incorporating the requirements of IFRS 16 into the new Code of Practice on Local Authority Accounting

30 May, 2018

The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) are seeking comments, via an ‘Invitation to Comment’, on proposals to incorporate the requirements of IFRS 16 ‘Leases’ into the 2019/20 Code of Practice on Local Authority Accounting in the UK (‘the Code’) which would apply to accounting periods beginning on or after 1 April 2019.

HM Treasury issues consultation on the application of IFRS 16 in the public sector

14 May, 2018

HM Treasury has issued a consultation on proposals for the application of IFRS 16 ‘Leases’ across the public sector (excluding public bodies outside of the Government Financial Reporting Manual 2017-2018 (FREM) scope).

CIPFA/LASAAC issue new Code of Practice on Local Authority Accounting

10 Apr, 2018

The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) have issued the 2018/19 Code of Practice on Local Authority Accounting in the UK (the Code) which would apply to accounting periods beginning on or after 1 April 2018.

FRC publishes Strategy for 2018/21

27 Mar, 2018

The Financial Reporting Council (FRC) has published its three year strategy for 2018/21 and its budget and levy proposals for the 2018/19 financial year.

IPSASB issues Exposure Draft proposing new requirements for lease accounting

01 Feb, 2018

The International Public Sector Accounting Standards Board (IPSASB) has published Exposure Draft 64, Leases (“the ED”). The ED proposes new requirements for lease accounting covering both lessors and lessees to replace IPSAS 13, Leases.

FRC publishes Strategy for 2018/21

19 Dec, 2017

The Financial Reporting Council (FRC) has published its three year strategy for 2018/21 and its draft budget and levy proposals for the 2018/19 financial year.

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

05 Dec, 2017

HMRC has issued a consultation on the legislative changes required to ensure that the tax treatment of leases reflects lease accounting rules upon the implementation of IFRS 16 ‘Leases’.

FRC announces thematic reviews for 2018/2019

20 Nov, 2017

The Financial Reporting Council (FRC) has announced the thematic reviews that it will undertake in 2018/19.

EFRAG endorsement status report 9 November 2017

09 Nov, 2017

This endorsement status report update reflects that IFRS 16 'Leases', 'Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12)', 'Disclosure Initiative (Amendments to IAS 7)', 'Clarifications to IFRS 15 'Revenue from Contracts with Customers'', and 'Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4)' have been adopted for use in the European Union.

European Union formally adopts IFRS 16 as well as several amendments to IFRSs

09 Nov, 2017

The European Union has published a Commission Regulation endorsing IFRS 16 'Leases', 'Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12)', 'Disclosure Initiative (Amendments to IAS 7)', 'Clarifications to IFRS 15 'Revenue from Contracts with Customers'', and 'Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4)'.

ESMA announces enforcement priorities for 2017 financial statements

27 Oct, 2017

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2017 financial statements will focus on.

FRC publishes year-end advice to preparers in advance of the 2017/18 reporting season

11 Oct, 2017

The Financial Reporting Council (FRC) has published a letter to Audit Committee Chairs and Finance Directors, in advance of the 2017/18 reporting season, highlighting changes to reporting requirements and aspects of annual reports where the FRC feels that companies can improve.

IASB posts webcast on IFRS 16 lease term requirements

02 Oct, 2017

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

IASB publishes editorial corrections

27 Sep, 2017

The IASB has published a batch of editorial corrections that impact consequential amendments and stand-alone standards as well as the Blue Book 2017, the Red Book 2017 and the Green Book 2017.

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IFRS 16 resources