Leases - A summary of IFRS 16 and its effects - …

Leases A summary of ifrs 16. and its effects May 2016 . Leases | A summary of ifrs 16 and its effects | May 2016 1. I F R S 1 6 Leases R o ad m ap Definition of a lease W h o ? benefits Rig h t to control th e use of th e Identified asset and identified asset N o sub stantiv e Rig h t to ob tain Rig h t to No benefits from sub stantial l y direct rig h ts to sub stitution al l economic sub stitute th e use benefits L ease p ayments V ariab l e l ease P urch ase op tions 1 Residual v al ue T ermination op tion p ayments th at Fix ed p ayments ( ex ercise p rice). g uarantees 2 p enal ties 3 dep ends on an index or rate 1. Include only if reasonably certain of exercise.

Leases | A summary of IFRS 16 and its effects | May 2016 3 L essee accountin Reco nition and measurement 1. Initial measurement of the ROU asset would also include the lessee’s initial direct costs; prepayments made to the lessor, less any lease incentives received from the lessor; and restoration, removal and

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