IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. It applies to annual reporting periods beginning on or after 1 January 2019. For those with substantial off-balance sheet items the expected implications on financial statements and metrics include significant increase of assets and liabilities on balance sheets , with a potentially material impact on covenant calculations. The success of any lease accounting implementation is often dependent upon the quality and completeness of the lease data. For many organisations, the data collation stage is the most challenging due to the availability of critical lease data

Key words: IFRS16 Leased Assets Leasing Lease Accounting Financial Covenants Compliance Manual Review


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