Lessees for IFRS exam

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 chetan asked over 1 year ago

Who is Lessees for IFRS exam ? 

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 PRACHEETI answered over 1 year ago

The IASB decided that, on transition, a lessee should apply IFRS 16 using either of the following methods:
(a) retrospectively to each prior reporting period presented applying IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; or

(b) retrospectively with the cumulative effect of initially applying IFRS 16 recognised as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) of the annual reporting period that includes the date of initial application. The IASB decided that, applying this approach, a lessee is permitted to apply some optional practical expedients on a lease-by-lease basis.

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