IFRS in practice – IFRS 16 Leases
In January 2016 the IASB published IFRS 16 Leases, which is effective for accounting periods beginning on or after 1 January 2019. Early adoption is permitted, but only if IFRS 15 Revenue from Contracts with Customers has also been adopted. IFRS 16 brings significant changes in accounting requirements for lease accounting, primarily for lessees, resulting in lease liabilities and right-of-use assets being recognised on balance sheet for lease contracts currently classified as operating leases. Entities applying IFRS will also need to pay careful attention to whether wider service contracts contain lease components. IFRS 16 has been developed to replace the existing suite of standards and interpretations on leases, notably IAS 17. This BDO IFRS In practice details the requirements of IFRS 16 and includes numerous practical examples.
IFRS in practice – IFRS 15 Revenue from Contracts with Customers (December 2016)
On 28 May 2014, the IASB published IFRS 15 Revenue from Contracts with Customers. IFRS 15 sets out a single and comprehensive framework for revenue recognition and, for many entities, the timing and profile of revenue recognition will change. This version of IFRS in Practice updates the version we published in July 2016 to include some additional examples and also includes new sections comparing IFRS 15 with currently applicable IFRS and US GAAP (Topic 606).