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 IFRS 16 includes requirements on asset substitution

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Biswajit Mondal asked about 1 year ago

What IFRS 16 includes requirements on asset substitution ?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 chetan answered about 1 year ago

IFRS 16 includes requirements on asset substitution. If a supplier has a substantive right to substitute the asset throughout the period of use, then there is no identified asset and the contract does not contain a lease. This is because the supplier (and not the customer) controls the use of an asset if it can substitute the asset throughout the period of use.

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