IASB issues new leasing standard IFRS 16
The International Accounting Standards Board (IASB) published, IFRS 16 'Leases' on Wednesday 13th January 2016. The new standard brings most leases on-balance sheet for lessees under a single model, eliminating the distinction between operating and finance leases. Lessor accounting however remains largely unchanged and the distinction between operating and finance leases is retained. IFRS 16 supersedes IAS 17 'Leases' and related interpretations and is effective for periods beginning on or after 1 January 2019, with earlier adoption permitted if IFRS 15 'Revenue from Contracts with Customers' has also been applied (subject to EU endorsement).
Additional Deloitte publications
Need to know — IASB issues IFRS 16 – Leases
Comprehensive overview of the IASB's new standard, IFRS 16 'Leases'.
Point of view — Aviation implications of the new leasing standard
Highlights issues from the new leasing standard that will be of interest to those in the aviation sector.
Point of view — Property occupiers implications of the new leasing standard
Highlights issues from the new leasing standard that will be of interest to property occupiers.
- Press release
- Project summary and feedback statement
- Fact sheet — IFRS 16 Leases
- Access to the standard, the illustrative examples, and the basis for conclusions on eIFRS (eIFRS subsription required)
- Interview with Hans Hoogervorst introducing the standard
- Recording of the IASB web presentation on the new leases standard