IFRS 16—new guidance requiring lessees to classify all leases as finance leases
IFRS 16 Leases was issued in January 2016 replacing IAS 17 Leases and related Interpretations. IFRS 16 is effective for annual reporting periods beginning on or after 1 January 2019, with earlier application permitted (as long as IFRS 15 is also applied). This changes...
IFRS 15 and revenue recognition 5-step model
Background: In May 2014, the International Accounting Standards Board (Board) issued a new IFRS® Standard to provide clear principles on when—and how much—revenue should be recognised. IFRS 15 Revenue from Contracts with Customers replaces IAS 18 Revenue and IAS...