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ARTICLE · 16 DECEMBER 2019

IFRS 16…Is Coming To Town!

KPMG Luxembourg
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Still recovering from IFRS 15 and IFRS 9 implementation for 2018 year-end financial statements? Well, don't relax just yet…It's time to gear up for the latest challenge: IFRS 16.

LuxembourgFinance and Banking
Ersilia Erbaio
Ersilia Erbaio
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Still recovering from IFRS 15 and IFRS 9 implementation for 2018 year-end financial statements? Well, don't relax just yet...It's time to gear up for the latest challenge: IFRS 16.

In its first mandatory year following ESMA's annual statement on enforcement priorities in October, here's what you need to know:

Lease term

Issuers are expected to provide sufficient disclosure on judgments made in determining the lease term, especially when the lease contract does not include specific terms on the termination, cancellation or renewal of the lease.

For info on lease term and useful life of non-removable leasehold improvements, check out the IFRC IC's recently published agenda decision.

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