Transcription of IFRS 16 Leases - GOV.UK
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IFRS 16 Leases - GOV.UK
ifrs 16 Leases Application guidance December 2020 ifrs 16 Application guidance December 2020 Crown copyright 2018 This publication is licensed under the terms of the Open Government Licence except where otherwise stated. To view this licence, visit or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at Any enquiries regarding this publication should be sent to us at ISBN 978-1-911375-XX-X PUXXXX 1 Contents Executive summary 2 Chapter 1 Recognition exemptions 6 Chapter 2 Definition of a lease 8 Chapter 3 Lessee accounting 12 Chapter 4 Peppercorn Leases 16 Chapter 5 Lessee disclosures 18 Chapter 6 Lessor accounting: subleases 22 Chapter 7 Transition arrangements 23 Chapter 8 Whole of Government Accounts 27 Chapter 9 Budgets and Estimates 28 Appendix 1 Discounting lease liability 29 2 Executive summary ifrs 16 Leases ifrs 16 Leases is being applied by HM Treasury in the Government Financial Reporting Manual (FReM) from 1 April 2022 (with limited options for early adoption from 1 April 2019 and 1 April 2021).
1.2 Short-term leases are defined in IFRS 16 as having a lease term of 12 months or less, after the assessment of any options. Any lease with a purchase option cannot qualify as a short-term lease. The recognition and measurement exemption for short-term leases in IFRS 16 is made by class of underlying asset.
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