Don't Neglect This One Aspect Of IFRS 16 (Leases)!

As I'm sure everyone is well aware, IFRS 16 is now effective for annual periods beginning on or after 1 January 2019. Although for most of you this means a very real impact only in your 2019 financial statements, there are the (un)lucky few that have to prepare half year reports. But even before we hit that mark, there is the future impact assessment—required in everybody's current financial statements.

What's the requirement?

It all starts with IAS 8 Accounting policies, Changes in Accounting Estimates and Errors. Paragraph 30 to be exact:

When an entity has not applied a new IFRS that has been issued but is not yet effective, the entity shall disclose:

• this fact; and