What is IFRS 16 – The New Leases Standard
IFRS 16 became effective for all businesses with a financial reporting period beginning on, or after, the 1st January 2019.
What are the Journal Entries for IFRS 16?
Under IFRS 16, the main items that will appear on the balance sheet are a “right of use asset” and a lease liability. However, it is also important to understand how to calculate the related interest payments for the lease at each payment interval as well as the depreciation amounts.
What Is a Break Clause (Leases)
It is common practice for lease agreements to contain a break clause, especially when the lease is in relation to the rental of a property (a tenancy agreement).
What is the Difference Between an Operating Lease and a Finance Lease
The main difference between an operating lease and a finance lease is the nature of the ownership of the underlying asset. Generally, an operating lease would be classed more
Disclosing Operating Leases with Break Clauses (FRS102)
Under FRS102, the disclosure requirements state that the disclosure must