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IFRS Newsletter: Leases — Preparing for 2019

Oct 26, 2015
From the Financial Reporting Network and the IFRS Institute

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.

Read KPMG ISG's IFRS Newsletter: Leases — Preparing for 2019