What is requirement for a contract to meet the definition of a lease in IFRS 16 ?
The first requirement for a contract to meet the definition of a lease in IFRS 16 is that a customer should control the use of an identified asset. The requirement for an identified asset is substantially the same as the requirement in IFRIC 4 for the contract to depend on the use of a specified asset. It is important to know what the asset is in order to assess whether the customer has the right to control the use of that asset and, for example, to determine which asset finance lessors should derecognise. Nonetheless, when assessing at the inception date whether there is an identified asset, an entity does not need to be able to identify the particular asset (for example, a specific serial number) that will be used to fulfil the contract to conclude that there is an identified asset. Instead, the entity simply needs to know whether an identified asset is needed to fulfil the contract from commencement.
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