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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

IFRS model financial statements 2018 — Appendix 2: Early adoption of IFRS 16 'Leases'

12 Feb 2019

This Appendix has been produced to complement the 'International GAAP Holdings Limited Model financial statements for the year ended 31 December 2018'. 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).

IVSC consults on the valuation of non-financial liabilities

07 Jan 2019

The International Valuation Standards Council (IVSC) has published an exposure draft IVS 220 'Non-Financial Liabilities' for public comment.

IASB publishes editorial corrections

12 Dec 2018

The IASB has published its first batch of editorial corrections in 2018.

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.

FRC publishes the results of its thematic review of reporting by smaller listed and AIM quoted companies

07 Nov 2018

The Financial Reporting Council (FRC) has published the results of its thematic review of reporting by smaller listed and AIM quoted companies. Whilst the FRC identified improvement in the quality of reporting, principally by those larger companies within the sample, it highlights that “there is clearly scope for further improvement”.

FRC announces thematic reviews on impairment of non-financial assets and disclosures relating to the implementation of IFRS 16 within 2019 interim accounts

07 Nov 2018

The Financial Reporting Council (FRC) has announced that it is to undertake thematic reviews on impairment of non-financial assets and disclosures relating to the implementation of IFRS 16 ‘Leases’ within 2019 interim accounts. In addition it will undertake a thematic review on the effects of the decision to leave the EU on companies’ disclosures.

ESMA announces enforcement priorities for 2018 financial statements

27 Oct 2018

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2018 financial statements will focus on.

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

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. The survey found that, with a few regional exceptions, many of the challenges and issues identified are similar across all organisation sizes and industries.

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’.

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.