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IFRS 16 resources

The Financial Reporting Council (FRC) has called for improvements in the reporting under IFRS 16 Leases following the first year of its application and has set out its expectations in a recently-issued thematic review, its Annual Review of Corporate Reporting and its year-end letter to Audit Committee Chairs and Finance Directors.

The FRC continues to identify boilerplate rather than entity-specific accounting policies.  It expects companies to:

  • tailor the descriptions of their leasing accounting policies to match their particular circumstances and to cover all material areas;
  • provide detailed information about the significant judgements affecting their accounting for leases; and
  • include sufficient detail to enable a good understanding of the financial reporting effects of their leasing arrangements on their financial position, financial performance and cash flows.

In addition to considering the broader areas for improvement in its thematic review, the FRC also encourages companies to consider whether enhancements are required to IFRS 16 disclosures as a result of COVID-19. These may include amending accounting policies in relation to any lease modifications, in the light of the IASB’s amendments to IFRS 16, as well as clearly communicating any significant changes in judgements companies may make, e.g. relating to lease term, as a consequence of COVID-19. Companies may also need to enhance or introduce estimation uncertainty disclosures in relation to impairment testing of right of use assets.

The FRC will continue to review compliance with IFRS 16 through its routine work.

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

Additionally this page includes groupings for:

IFRS 16 resources

IFRS Foundation publishes proposed IFRS Taxonomy update for IFRS 16 'Leases'

21 Jan 2016

The IFRS Foundation has published a proposed IFRS Taxonomy update 'IFRS Taxonomy 2015 — IFRS 16 'Leases''.

Point of view — Telecommunications implications of the new leasing standard

15 Jan 2016

This publication highlights issues from the new leasing standard that will be of interest to those in the telecommunications sector

Recording of the IASB web presentation on the new leases standard

15 Jan 2016

On 13 January 2016, the day IFRS 16 'Leases' was issued, the staff of the IASB introduced the new standard in a web presentation. A recording of the presentation and the presentation slides are now available on the IASB website.

Point of view — Property occupiers implications of the new leasing standard

14 Jan 2016

This publication highlights issues from the new leasing standard that will be of interest to property occupiers.

Point of view — Aviation implications of the new leasing standard

14 Jan 2016

This publication highlights issues from the new leasing standard that will be of interest to those in the aviation sector.

Need to know — IASB issues IFRS 16 – Leases

14 Jan 2016

This newsletter provides a comprehensive overview of the IASB's new standard, IFRS 16 'Leases'.

IASB updates work plan

14 Jan 2016

Following the issuance of IFRS 16 yesterday, the IASB has updated its work plan.

EFRAG endorsement status report 13 January 2016

13 Jan 2016

This endorsement status report update reflects the issuance of IFRS 16 'Leases' by the IASB on 13 January 2016. It is yet to be determined when endorsement might be expected.

Robert Bruce interviews — Bringing greater clarity to leases: IFRS 16

13 Jan 2016

In this video interview, Robert Bruce talks with IASB Chairman, Hans Hoogervorst and Deloitte's Global IFRS Leader, Veronica Poole about the new Standard on lease accounting, IFRS 16. The 14-minute video interview discusses: the implications of the new Standard; its implementation; why it was required; what changes it will bring about; what companies, investors, and the capital markets need to know and understand; and the issues which they are all going to have to tackle in the coming years as a result.

Robert Bruce interviews — Bringing greater clarity to leases: IFRS 16

13 Jan 2016

In this video interview, Robert Bruce talks with IASB Chairman, Hans Hoogervorst and Deloitte's Global IFRS Leader, Veronica Poole about the new Standard on lease accounting, IFRS 16. The 14-minute video interview discusses: the implications of the new Standard; its implementation; why it was required; what changes it will bring about; what companies, investors, and the capital markets need to know and understand; and the issues which they are all going to have to tackle in the coming years as a result.

The Bruce Column — Bringing clarity to leases: The new standard

13 Jan 2016

IFRS 16, the long-awaited standard on leasing, is published. Now the task of implementing it begins. Our resident, regular columnist, Robert Bruce, takes a look at what is involved.

IASB issues new leasing standard

13 Jan 2016

The International Accounting Standards Board (IASB) has published a new standard, IFRS 16 'Leases'. The new standard brings most leases on-balance sheet for lessees under a single model, eliminating the distinction between operating and finance leases. Lessor accounting however remains largely unchanged and the distinction between operating and finance leases is retained. IFRS 16 supersedes IAS 17 'Leases' and related interpretations and is effective for periods beginning on or after 1 January 2019, with earlier adoption permitted if IFRS 15 'Revenue from Contracts with Customers' has also been applied (subject to EU endorsement).

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