IFRS 16 and IFRS Foundation: Difference between pages

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imported>Doug Williamson
(Added that it replaces IAS 17. Source: http://www.ifrs.org/Current-Projects/IASB-Projects/Leases/Documents/IFRS_16_effects_analysis.pdf)
 
imported>Doug Williamson
(Layout.)
 
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International Financial Reporting Standard 16, dealing with leases.
An independent body  established to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through:
*its standard-setting body, the International Accounting Standards Board (IASB) and
*its interpretative body, the IFRS Interpretations Committee.  


IFRS 16 is effective from 1 January 2019. In broad terms, it requires all lease liabilities to be accounted for 'on balance sheet', removing the former distinction between [[operating lease]]s and [[finance lease]]s.


IFRS 16 replaces IAS 17:Leases.
== See also ==
* [[IFRS]]
* [[IFRS Interpretations Committee]]
* [[International Accounting Standards Board]]


Issued by the International Accounting Standards Board.
[[Category:Accounting,_tax_and_regulation]]
 
 
==See also==
*[[Finance lease]]
*[[Operating lease]]
*[[IAS 17]]
*[[Lease]]
*[[International Financial Reporting Standards]]

Revision as of 15:56, 20 September 2015

An independent body established to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through:

  • its standard-setting body, the International Accounting Standards Board (IASB) and
  • its interpretative body, the IFRS Interpretations Committee.


See also