Companies in more than 100 countries will be forced to bring around $3 trillion of lease commitments onto their balance sheets in a major overhaul of international accounting rules governing how companies should report their leasing obligations. Accounting standard setter the IASB today published IFRS 16 Leases, which requires companies to bring most leases on-balance sheet for the first time, recognising new assets and Read More

The IFRS has issued a document entitled “Leases: Practical implications of the new Leases Standard.” This document describes the IASB’s lessee accounting model and compares it to the FASB’s model, highlighting the similarities and differences between them. In response to requests from stakeholders, it also provides an overview of some of the possible effects of the forthcoming changes to lessee accounting and of the Read More