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ARTICLE · 06 JUNE 2018

How To Get On Your Way To IFRS 16 (Leases)

KPMG Luxembourg
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Since the arrival of IFRS 16, the new standard on lease accounting, debates have arisen over how accounting for leases will change and how organisations will be affected.

LuxembourgFinance and Banking
Muhammad Tahir Khan
Muhammad Tahir Khan
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Since the arrival of IFRS 16, the new standard on lease accounting, debates have arisen over how accounting for leases will change and how organisations will be affected. Even now, when IFRS 16 readiness comes up, it's clear that most issuers have not yet finished (or even begun) their impact assessments. With the standard becoming effective on 1 January 2019, the timeframe for assessments and system changes is getting a little bit narrow.

Scope

The new standard applies to all leases, including subleases, except:

  • leases to explore our use of minerals, oil, natural gas, and similar unrenewable resources
  • leases of biological assets held by a lessee
  • service concession arrangements

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