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

IASB posts webcast on IFRS 16 lessee disclosures

24 Jul, 2017

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

FRC issues amendments to FRS 101

12 Jul, 2017

The Financial Reporting Council (FRC) has issued amendments to FRS 101 ‘Reduced Disclosure Framework’.

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

12 Jul, 2017

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 for developing 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.

FRAB minutes for June 2017 meeting released

07 Jul, 2017

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 15 June 2017 have been made available on the HM Treasury website.

We comment on FRED 67— 'Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'

04 Jul, 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 67 ‘Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'.

Deloitte comment letter on FRED 67— 'Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'

04 Jul, 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 67 ‘Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'.

FRC defers decision on updating FRS 102 to reflect major changes in IFRSs

30 Jun, 2017

The Financial Reporting Council (FRC) has today published a feedback statement summarising respondents views on its 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).

ICAEW and IFRS Foundation announce virtual IFRS 16 conference

30 Jun, 2017

The IFRS Foundation, along with the Institute of Chartered Accountants in England and Wales (ICAEW), will be hosting a virtual IFRS conference on the implementation of IFRS 16 'Leases' on 10 October 2017. ICAEW and IFRS Foundation have chosen this new format for their annual joint conference as it considerably brings down cost and can be attended from anywhere in the world.

EFRAG endorsement status report 29 June 2017

29 Jun, 2017

The endorsement status report has been updated to reflect that ARC voted in favour of endorsing IFRS 16 'Leases' and 'Applying IFRS 9 'Financial Instruments with IFRS 4 'Insurance Contracts'. Final endorsement of both pronouncements is now expected in the fourth quarter of 2017.

BCBS frequently asked questions on changes to lease accounting

07 Apr, 2017

The Basel Committee on Banking Supervision (BCBS) has released responses to frequently asked questions related to the changes to lease accounting promulgated by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).

May 2017 meeting of the ICAEW FRDG

31 Mar, 2017

The next meeting of the Institute of Chartered Accountants in England and Wales (ICAEW) Financial Reporting Discussion Group (FRDG) will be held on 8 May 2017 in London. The meeting will provide a brief overview of the Financial Reporting Council’s (FRC’s) first triennial review of Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

FRAB minutes for March 2017 meeting released

31 Mar, 2017

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 16 March 2017 have been made available on the HM Treasury website.

EFRAG issues positive endorsement advice on IFRS 16

27 Mar, 2017

The European Financial Reporting Advisory Group (EFRAG) has issued final endorsement advice for IFRS 16 ‘Leases’.

EFRAG endorsement status report 27 March 2017

27 Mar, 2017

This endorsement status report update reflects that EFRAG published an endorsement advice on IFRS 16 'Leases'.

IASB posts webcast on IFRS 16 lease modifications

27 Mar, 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 modification requirements for lessees.

We comment on FRED 66 — Draft amendments to FRS 101 ‘Reduced Disclosure Framework’ 2016/17 Cycle

24 Mar, 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 66 ‘Draft amendments to FRS 101 ‘Reduced Disclosure Framework’ 2016/17 Cycle’.

Deloitte comment letter on FRED 66 — 'Draft amendments to FRS 101 ‘Reduced Disclosure Framework’ 2016/17 Cycle'

24 Mar, 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 66 ‘Draft amendments to FRS 101 ‘Reduced Disclosure Framework’ 2016/17 Cycle’.

FRC consults on proposals for incremental improvements and clarifications to FRS 102

23 Mar, 2017

The Financial Reporting Council (FRC) has today published proposals for incremental improvements and clarifications to Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

IFRS Foundation conference on implementing IFRS 16

21 Mar, 2017

The IFRS Foundation has announced an IFRS conference 'Implementing the IFRS 16 'Leases' requirements' in London on 9 May 2017.

EFRAG assesses that IFRS 16 is conducive to the European public good

15 Feb, 2017

Following the preliminary consultation document relating to the endorsement of IFRS 16 'Leases' for use in the EU published in October, the European Financial Reporting Advisory Group (EFRAG) has now published draft endorsement advice on the standard.

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