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The new standard will require lessees to adopt a single lease accounting model. This will force lessees to recognise nearly all leases on their balance sheet as a right to use an asset for a period of time and the associated liability for payments. For significant users of Operating Leases, this change will be material.

What are the basics?

  1. What is IFRS 16
    IFRS 16 is the new accounting standard relating to leases replacing the existing standard, IAS 17. IFRS 16 will eliminate the classification as either Operating Lease of Finance and instead introduce a single accounting model for lessees.
  2. When does IFRS 16 take effect?
    For the date of adoption, it comes for year-end starting on or after 1 January 2019
  3. What are the objectives of IFRS?

How can we help you implement IFRS 16?

Link Asset Services has developed a sophisticated lease management software, which has IFRS 16 at the heart of its core capability.

The technology provides a web-based central database for all contracts that contain a lease and other associated contracts. It makes all the required calculations to efficiently manage the adoption of IFRS 16, and provides the ability to track judgements and elections taken, reflecting these in the disclosure outputs. As well as supporting with the transition to IFRS 16, the system provides ongoing support in managing the accounting requirements of IFRS 16.

For more information on how we can help you implement IFRS or for demonstration lease management software please contact;

David Isaacs
Head of Market Development
E: ifrs16@linkgroup.co.uk

Tom Firth
Business Development Executive
E: ifrs16@linkgroup.co.uk

Steve Gordon
Associate Director
E: ifrs16@linkgroup.co.uk