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Leases

Date recorded:

Background

The Staff gave the Board an update of the activities that they have undertaken to assist stakeholders with implementing IFRS 16 Leases.

There is no Transition Resource Group for IFRS 16. Instead, the Staff and Board members have held webinars, conferences and written articles to discuss different aspects of the Standard and to address various areas of common concern raised by the stakeholders.

The Staff do not believe that any standard-setting activity is required from an analysis of the queries received. They will undertake further activities should the need arise.

Discussion

There was no substantive discussion. One Board member agreed with the Staff that there is no need for any standard-setting activities at this stage from his interaction with the stakeholders. The Staff also reported that there is nothing of interest that the IASB should be aware of arising from the FASB meetings on lease-specific issues.

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