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Objective OF IFRS standards 16

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 puru asked 12 months ago

Wite a note on Objective OF IFRS standards 16?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Soundray Kumar answered 12 months ago

Objective OF IFRS standards 16: IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases, with the objective of ensuring that lessees and lessors provide relevant information that faithfully represents those transactions.

IFRS 16 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for leases. IFRS 16 was issued in January 2016 and will be effective for most companies that report under IFRS in 2019.Upon becoming effective, it will replace the earlier leasing standard, IAS 17. Users are permitted to transition to the new standard either by full retrospective application (i.e., restating all leases as if they had always been accounted for under IFRS 16, with the difference between asset and liability at the transition date charged to retained earnings) or by a cumulative catch-up methodology, in which finance leases continue unchanged while IAS 17 operating leases are converted to finance leases with the initial liability and asset equal to the present value of the remaining rent (using the lessee’s incremental borrowing rate as the discount rate for the present value).

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