Pankaj R Mishra
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Write a note on Recognition exemptions?
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nayana madwani
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Instead of applying the recognition requirements of IFRS 16 described below, a lessee may elect to account for lease payments as an expense on a straight-line basis over the lease term or another systematic basis for the following two types of leases:
i) leases with a lease term of 12 months or less and containing no purchase options – this election is made by class of underlying asset; and
ii) leases where the underlying asset has a low value when new (such as personal computers or small items of office furniture) – this election can be made on a lease-by-lease basis.
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