IFRS 16 - Illustrative Financial Statements
Implementing the change in the primary statements and the notes
The first time application of IFRS 16 Leases will result in many changes in the financial statements for many companies. Additionally, in the year of first time adoption, many disclosures are required to explain the changes to the existing standard IAS 17. Not many companies have applied IFRS 16 before its effective date and discussions about several topics are still ongoing. However, it is the right point in time to think about the implementation of the respective changes. As a starting point, we have issued the attached amendments to the IFRS Model Financial Statements 2018 specifically covering the required changes on primary financial statements and notes disclosures required by IFRS 16.