The October 2015, Issue 18 of KPMG ISG’s IFRS Newsletter: Leases — Preparing for 2019 provides an overview of the IASB’s recent decisions about its leases project, and provides a checklist to help financial statement preparers implement IFRS 16, Leases. In October, the Board:
- Decided that IFRS 16 will be effective for accounting periods beginning on or after January 1, 2019. Early adoption will be permitted if a company already adopted IFRS 15, Revenue from Contracts with Customers.
- Clarified the lease modification requirements, and resolved four other issues that arose during the external review of a draft final standard.
The IASB expects to publish IFRS 16 in December 2015.