Transcription of Effects Analysis International Financial Reporting Standard®
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January 2016. Effects Analysis International Financial Reporting Standard . IFRS 16 Leases This Effects Analysis accompanies, but is not part of, IFRS 16. What is the purpose of this Effects Analysis ? This Effects Analysis describes the likely costs and benefits of IFRS 16. The costs and benefits are collectively referred to as Effects '. The International Accounting Standards Board (IASB) gains insight on the likely Effects of new or revised Standards through its exposure of proposals, and through its Analysis and consultation with stakeholders. This document describes those considerations. The document discusses the Effects of IFRS 16 mainly from a lessee perspective. This is because the accounting for a lessor is largely unchanged. The Effects of IFRS 16 on lessor accounting are discussed in Section 9 of the document.
Executive Summary The IASB has developed a new Leases Standard, IFRS 16, which supersedes IAS 17 Leases. The IASB worked jointly with the FASB on this project. The FASB expects to publish its new Leases Standard in early 2016. A company1 is required to apply IFRS 16 from 1 January 2019. A company can choose to apply IFRS 16 before
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